Hong Kong's foreign currency reserve assets stood at US$123.8 billion last month, the Monetary Authority says.

The figure represents an increase of US$300 million over February, and the city remains the world's fifth largest foreign currency reserves holder, after Japan, the Mainland, Taiwan and South Korea.

Including unsettled forward contracts, foreign currency reserve assets also stood at US$123.8 billion. The figure for end-February was US$123.5 billion.

The total foreign currency reserve assets of US$123.8 billion represent about seven times the currency in circulation or 44% of Hong Kong dollar M3.