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Foreign currency reserves up

Hong Kong's foreign currency reserve assets rose to US$423.2 billion in November from October's US$417.2 billion, the Monetary Authority announced today.   The reserve assets represent over five times the currency in circulation or about 42% of Hong Kong dollar M3.   There were no unsettled foreign exchange contracts at the end of November. http://dlvr.it/Sf21yd

RMB sovereign bonds to be issued

The Hong Kong Special Administrative Region Government today welcomed the Ministry of Finance's plan to issue sovereign bonds totalling RMB20 billion in Hong Kong this year.   The ministry plans to issue renminbi sovereign bonds in three batches of RMB8 billion, RMB6 billion and RMB6 billion each.   The Hong Kong SAR Government noted this is the 13th consecutive year the ministry has circulated RMB sovereign bonds in Hong Kong.   It said this demonstrates clearly the central government's support in reinforcing Hong Kong's status as an international financial centre and the global offshore RMB business hub, and is conducive to promoting the sustainable development of Hong Kong's bond market.
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