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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

If you already have an account, please sign in here.

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account