Hong Kong's foreign currency reserves dipped to US$177.1 billion at the end of last month from US$181.7 billion at the end of January, the Hong Kong Monetary Authority said yesterday.

If the unsettled forward contracts were included, the foreign currency reserves also stood at US$177.1 billion at the end of last month, the authority said. The foreign currency reserves, which represent more than seven times the currency in circulation or about 42 percent of HK dollar M3, make Hong Kong the world's eighth-largest holder of foreign currency reserves.

(Shanghai Daily March 10, 2009)