The latest foreign currency reserve figure represents a US$1.1 billion decrease as compared with the figure recorded at the end of November, a HKMA spokesperson said.

The decrease was mainly due to a decrease in the amount of repurchase agreements outstanding at the end of the month, the spokesperson said.

In terms of foreign currency reserves ranking, Hong Kong is the world's fourth largest holder of foreign currency reserves, after Japan, the Chinese mainland and China's Taiwan province.

The total foreign currency reserve assets of US$111.2 billion represent about eight times the currency in circulation or about 43 percent of Hong Kong dollar M3, one of the highest ratios in the world.

(People's Daily January 7, 2002)