Foreign exchange reserves in Hong Kong declined to $419.2 billion in September 2025 from $421.6 billion in the previous month, marking the third consecutive monthly decline. The reserves represented more than five times the currency in circulation, or about 37% of the Hong Kong dollar M3. Including unsettled foreign exchange contracts, foreign currency reserve assets totaled $418.9 billion in September, compared with $421.1 billion in August 2025.