HK foreign currency reserves at US$133.2b
Hong Kong's foreign currency reserves increased US$500 million to US$133.2 billion last month, a 0.37 per cent increase on November. However, Singapore, with US$135.3 billion, overtook Hong Kong as the world's seventh-largest holder of foreign currency behind the mainland, Japan, Russia, Taiwan, Korea and India.
Share sale approved
Fujian province-controlled Industrial Bank, in which Hang Seng Bank has a stake, yesterday won regulatory approval to sell up to 1.3 billion shares in Shanghai, according to a China Securities Regulatory Commission statement.