The Hong Kong Monetary Authority (HKMA) yesterday provided details of the country’s foreign reserve asset figures for July 2013.
For the first time this year, the total value of total FX contracts in Hong Kong dropped below the $300 billion mark to $299.9 billion, the lowest since August 2012, and down from last month’s figure of $303.5 billion.
During the second part of 2012 and first six months of this year, Hong Kong’s FX reserve assets increased to well over $300 billion, peaking at the end of the year at $317.3 billion.
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This year, a consistent bank of assets has been maintained, at just over the $300 billion mark.
There were no unsettled forward contracts during July, and the total foreign currency reserve assets of US$299.9 billion represent over seven times the currency in circulation or about 51% of Hong Kong dollar M3. M3 being a measurement used in the jurisdiction to monitor monetary supply.
A full breakdown of the FX reserve figures since Hong Kong was returned to Chinese rule by Great Britain is listed here: