Foreign currency reserves at US$154.9 billion
Hong Kong’s foreign currency reserves stood at US$154.9 billion at the end of October 2008, according to the Hong Kong Monetary Authority, compared to US$160.6 billion at end-September 2008.
Including unsettled forward contracts, the foreign currency reserve assets of Hong Kong at the end of October 2008 stood at US$155.3 billion, compared to US$160.6 billion at end-September 2008.
Hong Kong is the world’s ninth largest holder of foreign currency reserves based on the latest published figures, after mainland China, Japan, Russia, Taiwan, India, Korea, Brazil and Singapore.
The total foreign currency reserve assets of US$154.9 billion represent about seven times the currency in circulation or 38% of Hong Kong dollar M3.
US$6.23 billion deficit recorded
The Hong Kong Special Administrative Region Government (HKSARG) had expenditures of US$16.47 billion and revenue of US$10.24 billion for the period April-September 2008, resulting in a deficit of US$6.23 billion.
An HKSARG spokesman said the deficit for the period is mainly because some major revenue items, including salaries and profits taxes, were primarily received towards the end of a financial year. In regard to the current financial position and economic environment, it is expected that the deficit for 2008-09 will be higher than the original estimate of US$961.53 million.
The territory’s fiscal reserves stood at US$56.96 billion as of September 30, 2008.
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