Macao's forex reserves down 4.5% in February

The preliminary estimate of Macao SAR's foreign exchange reserves amounted to 123.6 billion patacas (15.47 billion U.S. dollars) at the end of February 2014, according to the figures released Friday by the Monetary Authority of Macao. The reserves for February fell by 4.5 percent over the revised value of 129.5 billion patacas (16.19 billion U.S. dollars) for the previous month. When compared with a year earlier, the reserves dropped by 6.8 percent, the figures indicated. Macao's foreign exchange reserves at the end of February 2014 represented 12 times the currency in circulation at the end of January. 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, decreased by 0.18 points month-to-month and 0.74 points year-on-year to 96.62 in February 2014.