Forex reserves decline

Hong Kong's foreign currency reserves fell US$1 billion to US$111.2 billion last month, according to the Hong Kong Monetary Authority. The SAR is the world's fifth-largest holder of forex reserves after Japan, mainland China, Taiwan and South Korea. The US$111.2 billion represented more than seven times the currency in circulation, or about 44 per cent of broad money supply, one of the highest ratios in the world.