HK's foreign currency reserve assets drop

Hong Kong's foreign currency reserve assets amounted to 305.7 billion U.S. dollars at the end of May, compared with 306.5 billion U.S. dollars at the end of April, the city's Monetary Authority said Friday.

Including unsettled forward contracts, the foreign currency reserve assets at the end of May stood at 305.7 billion U.S. dollars, while the figure was 307 billion U.S. dollars at the end of April, according to a statement posted on the authority's website.

The total foreign currency reserve assets of 305.7 billion U.S. dollars represent more than seven times the currency in circulation, or about 52 percent of Hong Kong dollar M3, the statement said.