The Hong Kong dollar that gained against the US currency in early Wednesday Asian trading lost ground after hitting a 2-day high of 7.7498 at 8:00 pm ET. As of now, the pair is worth 7.7512 with 7.7525 seen as the next target level. The pair closed Tuesday's deals at 7.7502.

The Hong Kong Monetary Authority said yesterday that the official foreign currency reserve assets stood at US$ 186.2 billion at the end of March, up from US$ 177.1 billion at the end of February. The foreign currency reserve assets of US$186.2 billion represent about eight times the currency in circulation or 45 percent of Hong Kong dollar M3. Hong Kong was the eighth largest holder of foreign currency reserves after Mainland China, Japan, Russia, Taiwan, India, Brazil and Korea, the agency said.

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