Hong Kong’s Exchange Fund reports record loss in first quarter


Total assets of Hong Kong’s Exchange Fund, which is used to back the Hong Kong dollar peg, decreased by HK$86 billion ($11 billion) in the first quarter of 2020, the biggest quarterly loss on record.

The Exchange Fund announced the loss on April 29 – its biggest since it began reporting quarterly performance since 2004. Howard Lee, the Exchange Fund’s head of investment, warned that “the future is still plagued with challenges” in a blogpost published on April 27. 

Lee pointed to the extreme

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