Hong Kong foreign currency reserves drop US$9.8bn in September
Hong Kong's foreign currency reserves fell by US$9.8 billion in September, totalling US$433.0 billion, according to the Hong Kong Monetary Authority. The reserves now cover over five times the currency in circulation and about 35 per cent of Hong Kong dollar M3.
Hong Kong’s foreign currency reserves fell by US$9.8 billion in September from the previous month, according to data from the Hong Kong Monetary Authority (HKMA), the de facto central bank.
The official foreign currency reserve assets stood at US$433.0 billion at the end of last month, the HKMA said. This amount represents more than five times the currency in circulation and about 35 per cent of Hong Kong dollar M3, a broad measure of money supply.
The authority also reported that there were no unsettled foreign exchange contracts at the end of September or at the end of August.