HONG KONG -- Hong Kong's Financial Services and the Treasury Bureau said Wednesday that the fiscal reserves stood at HK$588.3 billion ($75.4 billion) at the end of July.

Statistics showed that government expenditure in July was HK$29.6 billion, with revenue of HK$27.4 billion, resulting in a deficit of HK$2.2 billion.

Government expenditure for April-July this year amounted to HK$101.4 billion, with revenue of HK$94.3 billion, resulting in a deficit of HK$7.1 billion.

The deficit was mainly because some major types of revenue, including salaries and profits taxes, are mostly received towards the end of a financial year. ($1 equals to HK$7.8)