Hong Kong’s Exchange Fund earnings tumble 74% as HKMA warns of more market turbulence

Hong Kong’s Exchange Fund, the war chest used to defend the local currency, reported a 74 per cent tumble in third-quarter earnings amid pervasive market uncertainty, the Hong Kong Monetary Authority (HKMA) said on Friday. Earnings totalled HK$18.6 billion (US$2.4 billion) in the quarter, plunging from HK$70.8 billion a year earlier. For the first nine months of 2026, total earnings slid 39.6 per cent from a year earlier to HK$171.9 billion. The Exchange Fund’s Hong Kong equities portfolio...