Foreign exchange reserves fell from a record high of US$448.4 billion in July to US$432.8 billion last month, with the sharp US$15.6 billion decline the biggest since monthly data was first published in 1997. Photo: Bloomberg
Foreign exchange reserves fell from a record high of US$448.4 billion in July to US$432.8 billion last month, with the sharp US$15.6 billion decline the biggest since monthly data was first published in 1997. Photo: Bloomberg
Economy

Hong Kong’s forex reserves drop in August due to ‘technical classification’, monetary authority says

  • Foreign exchange reserves fell from a record US$448.4 billion in July to US$432.8 billion, the biggest drop since monthly data was first published in 1997
  • The sharp US$15.6 billion decline was due to assets being transferred to local banks, according to the Hong Kong Monetary Authority

Karen Yeung
Karen Yeung

Updated: 3:06am, 13 Sep, 2019

Why you can trust SCMP
Foreign exchange reserves fell from a record high of US$448.4 billion in July to US$432.8 billion last month, with the sharp US$15.6 billion decline the biggest since monthly data was first published in 1997. Photo: Bloomberg
Foreign exchange reserves fell from a record high of US$448.4 billion in July to US$432.8 billion last month, with the sharp US$15.6 billion decline the biggest since monthly data was first published in 1997. Photo: Bloomberg
READ FULL ARTICLE