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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

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