The official foreign currency reserve assets of Hong Kong expanded in March from February, the Hong Kong Monetary Authority (HKMA) said on Monday.

The official foreign currency reserve assets of Hong Kong amounted to 437.9 billion U.S. dollars at the end of March from 434.4 billion U.S. dollars at the end of February.

Including unsettled foreign exchange contracts, the foreign currency reserve assets at the end of March rose to 429.4 billion U.S. dollars from 427.2 billion U.S. dollars at the end of February.

The total foreign currency reserve assets of 437.9 billion U.S. dollars represent about seven times the currency in circulation or 47 percent of Hong Kong dollar M3.

The latest monthly figure is a preliminary one and may be corrected, according to the HKMA.

HKMA added that the February figure had been revised from 434.5 billion U.S. dollars to 434.4 billion U.S. dollars in the latest release.