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HK's Exchange Found records 63.8 bln HKD loss in Q3

Xinhua, November 2, 2015 Adjust font size:

Hong Kong's Exchange Fund, which is used to defend the Hong Kong dollar, has recorded an investment loss of 63.8 billion HK dollars 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 in previous two quarters. For the first nine months of this year, the Fund lost 36.8 billion HK dollars.

The Fund's investment income suffered a loss in the past quarter, compared with a gain of 18.7 billion HK dollars 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 expect better returns for the fund when markets conditions improve. Enditem