HKMA - Annual Report 2008

Hong Kong's exchange fund lost HK$136 billion ($17.5 billion) in 2008, revealed the Hong Kong Monetary Authority (HKMA) in its Annual Report published on Monday.

The HKMA's chief executive, Joseph Yam, said: "Any loss is a matter of regret, but the conservative investment approach of the fund helped to ensure that losses were kept to a relatively modest level." In 2007 the fund recorded a surplus of HK$ 109 billion.

Other developments in 2008 included the publication of the review of the HKMA's

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