The Hong Kong Monetary Authority disclosed on December 8 that Hong Kong's official foreign currency reserve assets stood at US $165.9 billion at the end of November 2008, up US $11.1 billion since the end of October.
Based on the latest published figures, Hong Kong ranks as the world's eighth largest holder of foreign exchange reserves after the Chinese mainland, Japan, Russia, Taiwan, India, South Korea and Brazil.
The foreign exchange reserve assets totaling US $165.9 billion is over seven times greater than the amount of Hong Kong dollars in circulation, and is equivalent to roughly 40% of the M3 money supply of the Hong Kong dollar.
By People's Daily Online
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