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Monday, November 2, 2015, 15:16

HK's Exchange Fund posts steepest loss in history

By Xinhua

HONG KONG - Hong Kong's Exchange Fund, which is used to defend the Hong Kong dollar, has recorded an investment loss of HK$63.8 billion for the third quarter of this year, Hong Kong Monetary Authority's chief executive Norman Chan said on Monday.

It is the biggest quarterly loss in history, according to the Monetary Authority.

The quarterly loss has completely wiped out gains made in the previous two quarters. For the first nine months of this year, the Fund lost HK$36.8 billion.

The Fund's investment income suffered a steep loss in the past quarter, compared with a gain of HK$18.7 billion in the second quarter, said Chan.

Chan said global markets have been volatile in the first three quarters of the year, leading to the fund's poor performance.

However, he said the authority will make reasonable and prudent decisions in the medium and long-term and expects better returns for the fund when markets conditions improve.

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