HKMA war chest gains US$11.1b

Finance | Winnie Lee 8 Dec 2020

The official foreign currency reserve assets of Hong Kong gained US$11.1 billion to US$486 billion (HK$3.79 trillion) by the end of November, the Hong Kong Monetary Authority announced.

There were no unsettled foreign exchange contracts at that time.

The total foreign currency reserve represents more than six times the currency in circulation, or about 42 percent of the Hong Kong dollar M3 money supply.

Financial Secretary Paul Chan Mo-Po said foreign investor confidence in Hong Kong remains good.

Sino-US relations have caused more large-scale Chinese stocks to return to Hong Kong for secondary listings, 10 companies have raised more than 200 billion yuan (HK$237 billion) in total, and many more companies are lining up to list in Hong Kong.

He said that international investors are becoming more and more interested in investing in A shares. By the end of March, 70 percent of foreign investors had invested in A shares through the Stock Connect.

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