Thursday, January 08, 2009

HK's foreign currency reserve assets reach $182 bln

Hong Kong's official foreign currency reserve assets amounted to 182.5 billion U.S. dollars at the end of December in 2008, Hong Kong Monetary Authority announced Wednesday.

The 16.6 billion U.S. dollars increase in settled foreign currency assets from November of 2008 was mainly due to the purchase of foreign currencies with Hong Kong dollars, the authority said.

Including unsettled forward contracts, the foreign currency reserve assets at the end of December 2008 stood at 184.8 billion U.S. dollars, up from 166 billion U.S. dollars in November, 2008.

Hong Kong is the world's eighth largest holder of foreign currency reserves based on the latest published figures, after the Chinese mainland, Japan, Russia, China's Taiwan province, India, Brazil and South Korea.

The total foreign currency reserve assets of 182.5 billion U.S. dollars represent about eight times the currency in circulation, or 44 percent of Hong Kong dollar M3.

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