The official foreign exchange reserves of the Hong Kong Special Administrative Region expanded in July, the Hong Kong Monetary Authority (HKMA) said on Wednesday.

The official foreign currency reserve assets of Hong Kong amounted to $419.3 billion at the end of July, up from $416.3 billion at the end of June.

Including unsettled foreign exchange contracts, the foreign currency reserve assets at the end of July rose to $418.7 billion from $416 billion at the end of June.

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The total foreign currency reserve assets of $419.3 billion represent about five times the currency in circulation or about 39 percent of Hong Kong dollar M3.