Hong Kong’s Exchange Fund reports record earnings in 2025

The Exchange Fund posted its best annual gain since the Hong Kong Monetary Authority (HKMA) was set up in 1993, as solid stock and bond market returns boosted the city’s financial war chest used to defend the local currency. The Exchange Fund’s full-year earnings for 2025 jumped 51 per cent to HK$331 billion (US$42 billion), compared with HK$218.8 billion in 2024, the HKMA said on Wednesday. The returns surpassed the previous record of HK$264 billion set in 2017. “Overall, the global financial...