| Hong Kong Exchange Fund, managed by the city’s de facto central bank, reported its largest quarterly loss in history by value, as stock prices plummeted amid a market rout. The fund, managed in its current form by the Hong Kong Monetary Authority from 1998, had an investment loss of HK$63.8 billion ($8.2 billion) in the three months ended September, according to a presentation by HKMA Deputy Chief Executive Eddie Yue to legislators today.
The loss was not the biggest by percentage terms, according to a spokeswoman, who didn’t give further details. Government institutions globally have suffered losses as stocks gyrated and currencies fluctuated on economic concerns, including a China slowdown and expectations of rising interest rates in the U.S. Norges Bank in October posted its biggest loss in four years, as Chinese stocks and Volkswagen AG dragged down returns of the world’s largest sovereign wealth fund...............................................Full Article: Source
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