Macao's forex reserves drop to 27.44 bln USD by November

MACAO, Dec. 14 (Xinhua) -- The preliminary estimate of Macao's foreign exchange reserves amounted to 220.6 billion patacas (about 27.44 billion U.S. dollars) at the end of November, the Macao Special Administrative Region (SAR)'s monetary watchdog said on Thursday.

The latest statistics from the Monetary Authority of Macao showed that the reserves decreased 0.2 percent from the revised value of 221.1 billion patacas (about 27.44 billion dollars) for the previous month.

Macao's foreign exchange reserves at the end of November represented 11 times the currency in circulation, or 89.0 percent of the pataca broad money supply (M2) at the end of October.

The trade-weighted effective exchange rate index for the pataca dropped 1.07 points month-on-month and 1.56 points year-on-year to 104.6 in November.