FX reserves rise in February

The Monetary Authority of Macao reported that the city’s foreign exchange reserves reached MOP243.5 billion (USD30.22 billion) at the end of February, up 0.7% from January. The reserves now equal 11 times the money in circulation and nearly 90% of Macau’s M2.. Meanwhile, the trade-weighted exchange rate index for the pataca fell to 99.4, down 1.02 points from the previous month and 7.29 points year-on-year, reflecting a slight depreciation against major trading partners’ currencies.