Forex reserves up a tad

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The city’s foreign exchange reserves amounted to MOP156.8 billion (US$19.62 billion) as at the end of last month, up 0.7 per cent from one month ago, the latest official figures released yesterday by the Monetary Authority of Macau reveal. As at the end of the month, total foreign exchange reserves represented 12 times the currency in circulation or 96.2 per cent of Pataca M2 at end-December 2016. The trade-weighted effective exchange rate index for the Pataca dropped 0.60 points month-to-month and rose 1.96 points year-on-year to 109.6 in January 2017. The increase suggests the exchange rate of the city’s official currency generally declined against those of Macau’s major trading partners on a monthly basis but increased on an annual basis.