Hong Kong’s Exchange Fund, the war chest used to defend the local currency from attacks by short sellers, lost HK$86.1 billion (US$11.1 billion) from investments in the first quarter as it fell victim to a worldwide stock market slump.It is the biggest three-month loss the fund has suffered in the 16 years it has been reporting its quarterly performance.The Hong Kong Monetary Authority, which is responsible for investing the reserves, predicted more uncertainty in the rest of the year.The…
from South China Morning Post https://bit.ly/3b4b0oy
Monday, May 4, 2020
Hong Kong’s Exchange Fund reports record HK$86 billion loss in first quarter as coronavirus batters stock market
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