OREANDA-NEWSHong Kong's foreign exchange reserves in November fell by $ 6.3 billion to $ 434.3 billion. This is reported by the Monetary Authority, which acts as the central bank in this administrative region of China. At the end of October, this figure reached $ 440.6 billion.

The reasons for the decrease in the level of foreign exchange reserves did not specify. It happened against the backdrop of a general deterioration in the local economy, which in the third quarter of the year entered a period of technical recession amid ongoing mass protests. Earlier this week, Hong Kong's secretary (minister) for financial affairs, Paul Chan, warned that for the first time in 15 years, the metropolis could face a budget deficit.

Hong Kong - one of the key international financial centers of Asia - in 1997 passed under the sovereignty of the PRC, but pursues an independent monetary policy as an expanded autonomy. By the size of foreign exchange savings, the former British enclave is among the ten world leaders. At present, Hong Kong's foreign exchange reserves are seven times the money supply in circulation on its territory, the department said.