HK Ranks World's Fifth Largest Holder of Foreign Currency

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Last updated at: (Beijing Time) Tuesday, April 08, 2003

HK Ranks World's Fifth Largest Holder of Foreign Currency

The official foreign currency reserve assets of Hong Kong amounted to 113.6 billion US dollars at the end of March 2003, the Hong Kong Monetary Authority(HKMA) announced here Monday.

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The official foreign currency reserve assets of Hong Kong amounted to 113.6 billion US dollars at the end of March 2003, the Hong Kong Monetary Authority (HKMA) announced here Monday.

In terms of foreign currency reserves ranking, Hong Kong is the world's fifth largest holder of foreign currency reserves, after Japan, Chinese mainland, Chinese Taiwan and South Korea.

The total foreign currency reserve assets represent nearly seven times the currency in circulation or about 44 percent of Hong Kong dollar M3, one of the highest ratios in the world.

Including unsettled forward contracts, the foreign currency reserve assets of Hong Kong at the end of 2003 March stood at 113.6 billion US dollars.

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