Hong Kong’s Exchange Fund, the war chest used to defend the local currency, reported a 74 per cent tumble in third-quarter earnings amid pervasive market uncertainty, the Hong Kong Monetary Authority (HKMA) said on Friday.
Earnings totalled HK$18.6 billion (US$2.4 billion) in the quarter, plunging from HK$70.8 billion a year earlier. For the first nine months of 2026, total earnings slid 39.6 per cent from a year earlier to HK$171.9 billion.
The Exchange Fund’s Hong Kong equities portfolio recorded a loss of HK$2.7 billion in the first nine months. The Hang Seng Index fell more than 9 per cent in the first 10 months, weighed down by concerns over interest rates and corporate earnings.