SAR's foreign assets at US$96.5b in July

Local foreign reserves at the end of July were US$96.5 billion - the same as at the end of June - according to the Hong Kong Monetary Authority.

The result meant Hong Kong still had the third-largest reserves in the world - after Japan and the mainland - at the end of July, prior to the market intervention.

Foreign assets are held in both the Exchange Fund and the Land Fund.

At the end of July, the foreign assets held in the Exchange Fund were $77.8 billion, slightly down from $77.9 billion in June.

The foreign assets held in the Land Fund were $18.7 billion, compared with $18.6 billion in June.

The foreign reserve of $96.5 billion represented about eight times the currency in circulation.