HK’s for abendkleider kurz eign currency reserves rose to US$207 bln in June

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HK’s for abendkleider kurz eign currency reserves rose to US$207 bln in June
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HK’s foreign currency reserves rose to US$207 bln in JunePublished: 08 Jul 2009 18:14:00 PST

The Monetary Authority of Hong Kong (HKMA), Hong Kong’s de facto central bank, on Tuesday said that the official foreign currency reserve assets in the special administrative region had reached US$207 billion by the end of June, having increased by US$1.9 billion from a month earlier.

Counting unsettled forward contracts, Hong Kong’s foreign currency reserve assets amounted to US$208.2 billion, an increase of US$3.1 billion from the end of May, said the HKMA.

The US$207 billion in reserves is more than eight times the amount of currency in circulation in Hong Kong. The reserves account for 47% of the Hong Kong dollar M3.

According to newly released figures, Hong Kong ranks seventh globally in terms of foreign currency reserves, after mainland China, Japan, Russia, Taiwan, India and South Korea.

The HKMA said earlier that the total assets of Hong Kong’s Exchange Fund increased by HK$114.7 billion from the end of April to HK$1.76 trillion at the end of May, according to an earlier report from China Knowledge.

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