06.11.2015 - Exchange Fund turned around last month from huge loss: HKMA head
The Hong Kong Exchange Fund turned around in October from the HK$36.8 billion in losses it made during the first three quarters of the year, the Hong Kong Economic Journal reported Friday. The report cited Norman Chan Tak-lam, chief executive of the Hong Kong Monetary Authority, who wrote in his blog that the fund basically turned around at the end of the month. He said the manager of the sovereign fund, which fuels the HKMA’s efforts to maintain the peg between the Hong Kong dollar and the US dollar, has adopted defensive measures to minimize the fund’s losses.The fund has reduced its investment in long-term bonds and increased its holding of cash over the past two years to prepare for the potential impact on bond investments of an interest rate hike, Chan wrote...............................................Full Article: Source
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