Hong Kong foreign currency reserves fall to US$416.4b

Hong Kong’s foreign currency reserves fell by US$5.1 billion (HK$39.8 billion) to US$416.4 billion -- or 1.2 percent -- as at the end of February, compared to the previous month, the Hong Kong Monetary Authority said.

The figure represents over five times the currency in circulation or about 38 percent of Hong Kong dollar M3, the de facto central bank said in a statement on Friday. 

Including unsettled foreign exchange contracts, the foreign currency reserve assets at the end of February amounted to US$415.9 billion. 

STAFF REPORTER