Hong Kong’s Exchange Fund Smashes Records with HK$274 Billion Investment Gain in First Three Quarters of 2025
Massive bond and equity profits push city’s financial war chest to its strongest nine‑month performance on record, as HKMA warns on looming market risks. Record-breaking nine months for Hong Kong’s financial war chest Hong Kong’s Exchange Fund has booked HK$274 billion (about US$35 billion) in investment income for the first three quarters of 2025, according to unaudited figures released by the Hong Kong Monetary Authority (HKMA) on Thursday, 13 November. Bastille Post+1 It is the largest nine‑month gain since the HKMA began publishing such data in 2003, powered by a powerful market rally that boosted both bond and equity portfolios.