One for the HKD traders - Hong Kong forex reserves drop in August
Hong Kong Monetary Authority says of the steep, US$15.6 billion decline, in August in FX reserves:
- biggest drop since monthly numbers first publish in 1997
- HKMA says due to a "technical classification"
- rather than a real change in the amount held by the HKMA
"The decline in foreign currency reserve assets in August was mainly due to a transfer of funds resulting in a higher amount of foreign currency deposits placed by the Exchange Fund with banks in Hong Kong"
I have a tendency to disbelieve this sort of explanation but in this case ….
- Foreign exchange reserves fell from a record high
- US$448.4 billion in July
- to US$432.8 billion in August
Huh. OK then.
(ps, news is from overnight, not fresh)