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Hong Kong's forex reserves rise to US$292.8 bln as of end-Jan

Feb. 9, 2012 (China Knowledge) - The Monetary Authority of Hong Kong (or HKMA), Hong Kong's de facto central bank, said last Tuesday that the official foreign currency reserve assets in the special administrative region had reached US$292.8 billion by the end of January, having increased by US$7.4 billion from December 2011.

Including unsettled forward contracts, the city's forex reserves had hit US$293.2 billion at the end of January 2012.

The US$292.8 billion in reserves is about eight times the amount of currency in circulation in Hong Kong, and accounts for about 56% of Hong Kong's M3.

The HKMA said earlier this month that the total assets of Hong Kong's Exchange Fund had increased HK$2.3 billion from November 2011 to HK$2.49 trillion at the end of December last year.

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