Hong Kong’s Exchange Fund first-half earnings fall 37% on equity slump, softer bond income
The News
The Hong Kong Monetary Authority reported a 37% decline in the Exchange Fund's first-half earnings to HK$134.7 billion, down from a record HK$214 billion in the same period last year. The drop was attributed to losses in Hong Kong equities and weaker bond returns. The Exchange Fund is used to defend the Hong Kong dollar's peg to the US dollar. The results reflect market volatility in the first half of the year.
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The Analysis
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Analyzed
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Earnings fell 37% to HK$134.7 billion.
Earnings were HK$134.7 billion in the first half.
5 claims still need verification.
No forecast extracted yet.
5 unresolved.
Key findings
Losses in Hong Kong equities and weaker bond returns caused the decline.
South China Morning Post- Earnings fell 37% to HK$134.7 billion.
- Losses in Hong Kong equities and softer bond income were the main causes.
Plain English
Loaded language removedThe 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.
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Claims
Losses in Hong Kong equities and weaker bond returns caused the decline.
South China Morning PostHong Kong's Exchange Fund first-half earnings fell 37%.
South China Morning PostEarnings were HK$134.7 billion in the first half.
South China Morning PostThe previous half-year return was HK$214 billion.
South China Morning PostThe Hong Kong Monetary Authority announced the results on Tuesday.
South China Morning Post