HK's foreign currency reserve assets drop

HONG KONG -- Hong Kong's foreign currency reserve assets amounted to $305.7 billion at the end of May, compared with $306.5 billion 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, while the figure was $307 billion 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 represent more than seven times the currency in circulation, or about 52 percent of Hong Kong dollar M3, the statement said.