Hong Kong’s Exchange Fund reports record earnings in 2025
The Exchange Fund’s full-year earnings jumped 51 per cent to HK$331 billion (US$42 billion), from HK$218.8 billion in 2024
The Exchange Fund posted its best annual gain since the Hong Kong Monetary Authority (HKMA) was set up in 1993, as solid stock and bond market returns boosted the city’s financial war chest used to defend the local currency.
The Exchange Fund’s full-year earnings for 2025 jumped 51 per cent to HK$331 billion (US$42 billion), compared with HK$218.8 billion in 2024, the HKMA said on Wednesday.
The returns surpassed the previous record of HK$264 billion set in 2017.
“Overall, the global financial markets showed strong resilience in 2025,” said Eddie Yue Wai-man, chief executive of the HKMA, at a media briefing. “Major stock markets saw broad-based gains, with many of them setting record highs.”
He added that it was rare for all the main components of the Exchange Fund to record positive returns in a single year, noting that it had happened only twice before – in 2017 and 2020.
Looking ahead, Yue said there was a lot of uncertainty over the Federal Reserve’s interest rate trajectory and its impact on equity investments.