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

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
Topic |   Hong Kong economy

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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
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Karen Yeung

Karen Yeung

Karen Yeung joined the Post in 2017 after more than 15 years' experience on global newswires in Hong Kong and Shanghai. She spent eight years in Shanghai and has received awards for best feature, analysis and agenda-setting.