24.05.2016 - Hong Kong’s Exchange Fund reports investment gains of HK$24.1b in sharp turnaround
The Exchange Fund, Hong Kong’s reserve fund to defend its currency, reported an investment income of HK$24.1 billion for the first quarter of this year as strong gains in bonds and foreign exchange holdings offset losses in its stocks investment, according to the Hong Kong Monetary Authority (HKMA). The first-quarter investment income was a turnaround from the investment losses of HK$15.8 billion for the whole of last year – its second-worst performance ever and its first loss since the global financial crisis in 2008 – as heavy foreign-exchange losses and poor returns from equity investments took their toll. It also marks a 190 per cent advance from the HK$8.3 billion investment income in the first quarter of last year...............................................Full Article: Source
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