Foreign currency reserves down

Hong Kong’s foreign currency reserve assets dropped to US$429.1 billion in February from US$436.5 billion in January, the Monetary Authority announced today.   The reserve assets represent over five times the currency in circulation or about 41% of Hong Kong dollar M3.   Including unsettled foreign exchange contracts, the foreign currency reserve assets at the end of February decreased to US$428.9 billion from January’s US$436.5 billion.
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