HK foreign currency reserves top US$114 billion

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Last updated at: (Beijing Time) Tuesday, December 09, 2003

HK foreign currency reserves top US$114 billion

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Hong Kong's official foreign-currency reserve assets amounted to 114.1 billion US dollars at the end of November, up from October's 112.4 billion US dollars, the Hong Kong Monetary Authority announced on Monday.

Including unsettled forward contracts, the foreign-currency reserve assets at the end of November also stood at 114.1 billion US dollars. At the end of October, the sum was 112.4 billion US dollars.

The total foreign-currency reserve assets represent about seventimes the currency in circulation, or 41 percent of Hong Kong dollar M3.

Hong Kong is the world's fifth-largest holder of foreign currency reserves, after Japan, Chinese mainland, Taiwan and South Korea.

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