Apr. 13, 2010 (China Knowledge) - The Monetary Authority of Hong Kong, Hong Kong's de facto central bank, announced Friday that the official foreign currency reserve assets in the special administrative region were US$258.8 billion at the end of March, having increasing by US$600 million from a month earlier.
The forex reserves are almost nine times the amount of currency in circulation in Hong Kong. The reserves account for 56% of the Hong Kong dollar M3, a broad measure of the money supply.
According to the latest figures, Hong Kong ranks seventh globally in terms of forex reserves after mainland China, Japan, Russia, Taiwan, India and South Korea.
In the first two months of this year, the city’s overall export value jumped 23% year on year, while the export value of domestic goods increased 21%, due to a further recovery in the global economy.
Analysts have predicted that Hong Kong’s exports will continue to grow at double-digit rates in the first half of this year.