Hong Kong’s Exchange Fund first-half earnings fall 37% on equity slump, softer bond income

The Exchange Fund, the war chest used to defend the local currency, reported a 37 per cent decline in first-half earnings as losses in Hong Kong equities and weaker bond returns weighed on performance, the Hong Kong Monetary Authority (HKMA) said on Tuesday.
Earnings stood at HK$134.7 billion (US$17.17 billion), down from the record half-year return of HK$214 billion in 2025.
The Hong Kong stock portfolio swung to a HK$11.8 billion loss from a HK$22.9 billion gain a year earlier.
The Hang Seng...