Macao's forex reserves reach $16.41b in May

MACAO - The preliminary estimate of the Macao's foreign exchange reserves amounted to 131.2 billion patacas ($16.41 billion) at the end of May 2012, according to the figures released Friday by the Monetary Authority of Macao.

The reserves for May rose by 0.7 percent over the previous month, the figures indicated.

Macao's foreign exchange reserves at the end of May represented 20 times the currency in circulation at the end of April.

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 0.52 points month-to-month and 1.69 points year-on-year to 88.72 in May 2012.