Hong Kong’s wealth fund suffered a HK$55 billion ($9.71 billion; US$7 billion) loss in the first quarter as stocks and bonds declined, opening a difficult year for the financial hub as it seeks to recover from years of economic turmoil.
The Exchange Fund, managed by the Hong Kong Monetary Authority, lost HK$34 billion on its portfolio of domestic and foreign stocks in the first three months of 2022, HKMA’s deputy chief executive Howard Lee told lawmakers Tuesday.
Bonds lost HK$34.7 billion, while foreign exchange earned HK$13.7 billion. The quarterly investment income loss was the biggest since a HK$112 billion shortfall in the first quarter of 2020.
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