One for the HKD traders - Hong Kong forex reserves drop in August

Author: Eamonn Sheridan | Category: News

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)

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