FINANCIAL Secretary Donald Tsang Yam-kuen yesterday promised to deliver on one of the Government's more important commitments - he said it will reveal its reserves on a quarterly basis. Not bad, considering it currently only reports twice a year and had kept the size of its foreign reserves a secret until the early 1990s. This is good news for Hong Kong's economic confidence and bad news for foreign exchange speculators. At the end of June, Hong Kong's reserves stood at US$53.6 billion, the equivalent of US$8,933 for every man, woman and child in the territory, and Hong Kong ranked seventh in the world for overall foreign exchange reserves and second per capita. Committing itself to publishing the data every three months represents confidence that a rise in foreign reserves of nine per cent in the first half of the year is not just a flash in the pan, but part of a long-term trend. Compare Hong Kong's foreign reserves with that of developed countries: Germany has $81.8 billion, Japan has $167.5 billion and the United States has$80.5 billion. Of those countries, the US's currency is under pressure, but Japan's greatest problem is containing the rise of the yen. Germany's unstoppable deutschemark is a major stumbling block for Europe's exchange rate mechanism. Within the region, only Singapore's reserves of $66.4 billion, Taiwan's ($90.6 billion) and China's ($64.2 billion) are higher. Even despite Hong Kong's 'recession', it should be able to sustain current growth in reserves, and its reserves will be backed after July 1, 1997, by those of China's, putting the territory into the very top of the league tables. By promising to unveil the reserves every three months, the Government is saying that it expects steady and continued accumulation of wealth for the territory. Promising to lift the lid on Hong Kong's finances four times a year suggests some very good news is in store for the territory in less than two months when the Government reveals the third quarter reserves for the first time.