Central Banking

HK Exchange Fund may profit despite stocks, euro

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Hong Kong's Exchange Fund of financial reserves may show only a modest profit this year due to a substantial fall on the local stock market and a sharp drop in the euro , the de facto central bank said on Dec 28, 2000. "When the year is over, it is likely that we will have lost money on our Hong Kong equity portfolio and on our exposure to the euro," said Hong Kong Monetary Authority (HKMA) Chief Executive Joseph Yam.

"But our strategic positioning in the bond market will have saved the day for

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