Foreign currency reserves down

Hong Kong’s foreign currency reserve assets decreased to US$418.4 billion in August from US$421.6 billion in July, the Monetary Authority announced today.   The reserve assets represent over five times the currency in circulation or about 40% of Hong Kong dollar M3.   Including unsettled foreign exchange contracts, the foreign currency reserve assets at the end of August decreased to US$418 billion from July’s US$421.6 billion.

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