Macao's forex reserves down 3.2%

The preliminary estimate of the Macao SAR's foreign exchange reserves amounted to 132.6 billion patacas (16.60 billion U.S. dollars) at the end of February 2013, according to the figures released on Friday by the Monetary Authority of Macao. The reserves for February fell by 3.2 percent over the revised value of 137 billion patacas (17.51 billion U.S. dollars) for the previous month. When compared with a year earlier, the reserves increased 4.7 percent, the figures indicated. Macao's foreign exchange reserves at the end of February 2013 represented 17 times the currency in circulation at the end of February. The trade-weighted effective exchange rate index for the pataca, a gauge of the domestic currency's exchange rates against the currencies of Macao's major trading partners, rose by 0.44 points month-on-month and 0.73 points year-on-year to 97.36 in February 2013.