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MNI BRIEF: Hong Kong's FX Reserves Fell for 11th Month in Oct

MNI (BEIJING)
MNI (Beijing)

Hong Kong's foreign currency reserves fell for an 11th month in October, according to data released by the Hong Kong Monetary Authority (HKMA) on Monday.

Reserves totalled USD417.2 billion at the end of October, a decrease of USD2 billion from September. The rate of reserve depletion slowed from declines in August and September of USD10 billion and USD12.6 billion respectively.

The data comes after HKMA Chief Executive Eddie Yue defended Hong Kong’s monetary regime last week, and warned further rate increases will be needed to keep up with expected Fed hikes. (See MNI BRIEF: HKMA Chief Warns Of More Rate Hikes - Bonds & Currency News | Market News)

MNI Beijing Bureau | lewis.porylo@marketnews.com
MNI Beijing Bureau | lewis.porylo@marketnews.com

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