Foreign exchange reserves in Hong Kong declined to $421.6 billion in August 2025 from $425.4 billion in the previous month, marking the second 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 $421.1 billion in August, compared with $424.5 billion in July 2025.