HKMA - Fiscal Reserves and the Exchange Fund

ARTICLE - Joseph Yam, chief executive of the Hong Kong Monetary Authority, in his weekly column on the HKMA website explains how the exchange fund and the government's fiscal reserves are managed and invested together, while emphasising that they are two separate and distinct entities.

"Fiscal Reserves and the Exchange Fund" by Joseph Yam

Last week, in concluding the debate on the budget, the Financial Secretary once again drew attention to the distinction between the fiscal reserves and the

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