This photo taken in Hong Kong on Jan 12, 2008 shows Hong Kong dollar and US dollar banknotes. (LAURENT FIEVET / AFP)

HONG KONG - Hong Kong’s foreign currency reserve assets dropped to US$419.2 billion in September from August’s US$431.6 billion, the Hong Kong Monetary Authority said on Friday.

The reserve assets represent about five times the currency in circulation or 41 percent of Hong Kong dollar M3.

There were no unsettled foreign exchange contracts in September, the HKMA added.

ALSO READ: HK's forex reserves drop to $465.7 billion in April