, Hong Kong
521 views
Hong Kong Cityscape

HKMA surpasses Singapore on highest forex reserves, ranks 7th globally

Hong Kong Monetary Authority reported HK$3.13t forex reserves in Q2 2023.

Hong Kong ranked seventh in the world for foreign exchange reserves in the second quarter with HK$3.13t (US$400.5b), exceeding ninth-placer Singapore with forex reserves of around HK$2.48t (US$316.7b), according to a report commissioned by Forex.com.

China held the largest forex reserves of all the countries evaluated with HK$24.97t (US$3.19t). This nearly triple the reserves held by Japan in the same period with HK$8.76t (US$1.1t), ranking second globally. China showed the lowest volatility by rate of change, undergoing the lowest decrease by -4.12%.

Wang Chunying, a spokesperson of China’s State Administration of Foreign Exchange, stated that “coronavirus flare-ups and expectations of monetary policy shift in major countries has caused the US dollar index to fall, which has resulted in the ‘valuation rise’ of non-US dollar currencies and contributed to the upward trend of China's foreign exchange reserves.”

ALSO READ: Foreign currency reserves hit US$418.4b in August

Switzerland ranked third with HK$6.33t (US$809.2b) held reserves for Q2 2023. It gains the highest forex reserves volatility with 96,238.57, a 13.26% maximum increase. The country is one of the major countries that experienced larger fluctuations, prompted by fiscal conditions, trade balances, or policy changes.

Also among the top 10 forex reserves around the world are India (4th), Saudi Arabia (5th), Russia (6th), South Korea (8th) and Brazil (10th).

US$1 = HK$7.82

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!