HKMA chief rejects use of $400bn fund for social purposes

Norman Chan at HKMA
HKMA chief executive Norman Chan

Norman Chan has defended the "prudent and conservative approach" taken by the Hong Kong Monetary Authority (HKMA) in managing its exchange fund on the grounds it is the "last line of defence" for financial stability in the country.

The HKMA uses the HK$3.1 trillion ($400 billion) fund to support the Hong Kong dollar exchange rate. It has grown substantially in the past decade, increasing roughly nine times in size.

This has led some politicians to call for the money to be put to other uses, such

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