HKMA Exchange Fund posts HK$35 billion H1 loss

The Hong Kong Monetary Authority's (HKMA) Exchange Fund recorded a loss of HK$35 billion ($4.49 billion) in the first half of the year as its equity portfolio took a substantial hit.

The loss leaves the fund with HK$1,409.2 billion-worth of assets.

Joseph Yam, the chief executive of the HKMA, blamed the losses on the deepening of the subprime mortgage crisis and the ensuing credit crunch. Fears of a global recession and concerns about inflation had all exerted pressures on financial markets ra