Hong Kong's Exchange Fund posts record $331 billion investment return last year

Hong Kong’s Exchange Fund, which backs the local dollar, posted a record investment income of HK$331 billion last year, but the de facto central bank warned that favorable market conditions “may not last for a long time” amid global uncertainties. 

All investment categories saw a positive return in 2025, including a profit of HK$142.2 billion from bonds and HK$33.9 billion from Hong Kong stocks, according to data released by the Hong Kong Monetary Authority on Wednesday. Gains from other equities amounted to HK$74.1 billion, and returns on other investments, including private equity and real asset investments, reached HK$42.4 billion.

The fund also recorded a positive currency translation effect of HK$38.4 billion on non-Hong Kong dollar assets in the year. 

The fund's overall investment return in 2025 was 8 percent, of which the investment portfolio gained 12.4 percent, and the backing portfolio rose 5.2 percent.