Hong Kong's half-trillion-dollar investment fund set up to defend the financial hub's currency has suffered its largest loss on record of more than HK$200 billion ($25 billion), authorities said Monday.
The Exchange Fund, the semi-autonomous Chinese city's de facto sovereign wealth fund, is one of the largest public investment vehicles in the world. FILE PHOTO
The Exchange Fund, the semi-autonomous Chinese city's de facto sovereign wealth fund, is one of the largest public investment vehicles in the world. The de facto central bank attributed the unprecedented deficit, the first since 2015, to "an exceptionally volatile year" in global financial markets. Yue said he expected the fund to continue facing significant uncertainty in 2023 amid continued tightening of monetary policy, lowered economic growth and geopolitical tensions.
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