The Hong Kong Monetary Authority has declared, that as of the end of September, the region's foreign currency reserves are 118.4 billion US dollars, ranking 6th in the world after Japan, the Chinese mainland, Taiwan Province, South Korea and India.

The foreign currency reserve represents over six times the currency in circulation in Hong Kong.

The Monetary Authority says this large pool of reserves lays a solid foundation for Hong Kong's economic development.

(CRI October 9, 2004)