Hong Kong's foreign currency reserves down in August

HONG KONG, Sept. 6 (Xinhua) -- Hong Kong's foreign currency reserve assets dropped to 432.8 billion U.S. dollars in August from 448.4 billion U.S. dollars in July, the Hong Kong Monetary Authority announced on Friday.

Including unsettled foreign exchange contracts, the foreign currency reserve assets at the end of August decreased to 425.6 billion U.S. dollars from July's 441.2 billion U.S. dollars.

The reserve assets represent about seven times the currency in circulation or 45 percent of Hong Kong dollar M3.