Macao’s foreign exchange reserves up 3.6% in June

MACAO – The Macao Special Administrative Region’s foreign exchange reserves rose 3.6 percent month-on-month to 243.9 billion patacas (about $30.2 billion) at the end of June, the Monetary Authority of Macao (AMCM) said on Wednesday.

The reserves increased from a revised 235.3 billion patacas at the end of May, representing 11 times the currency in circulation, or 88.8 percent of the Macao pataca M2 at end-May, according to the authority.

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Meanwhile, the AMCM noted that the trade-weighted effective exchange rate index for the Macao pataca rose 0.61 points from the previous month to 100.0 in June, but was down 0.70 points from a year earlier, implying that the pataca grew against the currencies of Macao’s major trading partners on a monthly basis but dropped on an annual basis.