ECONOMY

Hong Kong’s Exchange Fund Earns Record HK$331 Billion in 2025

Published: Jan. 30, 2026 11:14 a.m. GMT+8

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Hong Kong’s Exchange Fund posted a record investment income of HK$331 billion ($42.4 billion) in 2025, driven by a rare rally across bonds, equities and major non-U.S. currencies — a combination an official cautioned is unlikely to last.

The income was up 51.3% from the previous year, according to data released Wednesday by the Hong Kong Monetary Authority (HKMA), which manages the government-owned fund to support the city’s monetary and financial stability.

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Hong Kong’s Exchange Fund earned a record HK$331 billion ($42.4 billion) in investment income in 2025, up 51.3% year-on-year.
The fund’s overall return was 8%, the highest since 2007, driven by gains in bonds (HK$142.2 billion), equities (HK$108 billion), and a weaker U.S. dollar.
HKMA cautioned that such broad-based positive performance is rare and may not be sustained in future years.

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