Exchange Fund Position at end-September 2025
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) today (November 13) published the unaudited financial position of the Exchange Fund at end-September 2025.
The Exchange Fund recorded an investment income of HK$274.0 billion in the first three quarters of 2025. The main components were:
- gains on bonds of HK$112.6 billion;
- gains on Hong Kong equities of HK$40.1 billion;
- gains on other equities of HK$59.5 billion;
- positive currency translation effect of HK$30.2 billion on
non-Hong Kong dollar assets (Note 1); and
- gains on other investments of HK$31.6 billion (Note 2).
Fees on placements by the Fiscal Reserves and placements by Hong Kong Special Administrative Region Government funds and statutory bodies were HK$12.3 billion (Note 3) and HK$11.8 billion respectively in the first three quarters of 2025, with the rate of fee payment at 4.4 per cent for 2025.
Total assets of the Exchange Fund stood at HK$4,152.2 billion at end-September 2025, representing an increase of HK$71.2 billion from the end of 2024. Accumulated surplus reached HK$916.3 billion at end-September 2025.
The Chief Executive of the HKMA, Mr Eddie Yue, said, "Stepping into the third quarter, various factors such as central bank monetary policies, the geopolitical environment and the fervor around the artificial intelligence industry were generally positive to the investment environment. Major asset classes delivered positive returns, with some leading stock market indices setting new highs during the quarter. Benefitting from capital inflows, the Hong Kong stock market also rose by 12 per cent in the third quarter. As for the bond market, while the US Federal Reserve (Fed) cut its monetary policy target rate in September, US bond yields remained at relatively high levels, generating good interest income for the Exchange Fund's bond portfolio. That said, the US dollar traded stronger against other major currencies during the third quarter, resulted in a negative currency translation effect on the Exchange Fund's assets. Overall, the Exchange Fund recorded decent investment income in the first nine months of 2025, with positive returns across major asset classes."
He added, "The investment landscape remains highly uncertain for the rest of 2025. While expectations of further rate cuts by the US Fed may improve investment sentiment, the market's concerns about the US's economic outlook may remain. Further, the impact of the rapid changes in the US Government economic and trade policies, trade frictions and geopolitical tensions on the financial markets remains unpredictable.
In the face of the complex and volatile investment environment, the HKMA will continue to adhere to the principle of capital preservation first while maintaining long-term growth. We will continue to manage the Exchange Fund with prudence and flexibility,implement appropriate defensive measures, and maintain a high degree of liquidity. We will also continue our investment diversification to strive for higher long-term returns, and ensure that the Exchange Fund remains effective in achieving its purpose of maintaining monetary and financial stability of Hong Kong."
Note 1: This is primarily the effect of translating foreign currency assets into Hong Kong dollar after deducting the portion for currency hedging.
Note 2: This is the valuation change of investments held by investment holding subsidiaries of the Exchange Fund. This figure reflects the valuations at the end of June 2025. Valuation changes of these investments from July to September are not yet available.
Note 3: This does not include the 2025 fee payment to the Future Fund because such amount will only be disclosed when the composite rate for 2025 is available.
Government concludes fourteenth-day arrangements for Wang Fuk Court residents returning to their units
Today (May 3) is the fourteenth day of phased arrangements for residents of seven blocks of Wang Fuk Court in Tai Po to return to their units. Five high-zone floors of Wang Tai House and 10 middle-zone floors of Wang Shing House were opened. The access arrangements were carried out in an orderly manner and operated smoothly.
A total of 119 households (439 people) registered to return to their units today through the "one social worker per household" service, while 120 households (455 people) actually turned up.
The average time residents spent entering and leaving the building today was two hours and 25 minutes, with the shortest time being 15 minutes and the longest three hours and 40 minutes. About 69 per cent of the residents stayed in the building for less than three hours. About 27 per cent of the residents stayed in the building for less than two hours. About 7 per cent of the residents stayed in the building for less than one hour.
A total of 61 households (120 people) went up and down the building more than once. Among them, 37 households (79 people) made one additional trip, 16 households (29 people) made two additional trips, 5 households (8 people) made three additional trips, and 3 households (4 people) made four additional trips.
The integrated enquiry counter set up by relevant departments today received ten cases requesting police assistance and two cases involving residents seeking help due to physical discomfort.
The 10 cases requesting police assistance involved suspected loss of property, including watches, jewellery, cash and gold items. Officers were immediately deployed to assist in searches, and lost property was recovered in one case. In one case, the unit concerned was severely damaged and resident believed after investigation that the property might have been destroyed by fire. In another five cases, there were no signs of ransacking in the units, and the residents could not provide details on the property concerned. For the remaining three cases, the Police will make further investigation.
The Government spares no effort in supporting the residents returning to their units. Each day, the Government deploys over 1 000 personnel from various departments, including the Police, the Civil Aid Service, the Fire Services Department, the Auxiliary Medical Service, the Home Affairs Department, the Social Welfare Department (SWD), the Housing Department, and the Housing Bureau, as well as District Services and Community Care Teams members. The "Government-wide Mobilisation" mechanism has also been activated to bring together greater interdepartmental resources to support residents.
Under the "Government-wide Mobilisation" mechanism, the Civil Service Bureau has co-ordinated nine government departments to mobilise civil servants to form the Government Quick Response Unit to support these access arrangements. These civil servants come from the Agriculture, Fisheries and Conservation Department (AFCD), the Architectural Services Department (ArchSD), the Electrical and Mechanical Services Department (EMSD), the Environmental Protection Department (EPD), the Food and Environmental Hygiene Department (FEHD), the Lands Department (LandsD), the Leisure and Cultural Services Department (LCSD), the Post Office, and the Water Supplies Department (WSD). They will form dedicated teams with social workers and clinical psychologists from the SWD, stationed on different floors to provide support to residents returning to their units. The civil servants mobilised in the first three days were from the AFCD, those mobilised from the fourth day to the sixth day are from the EMSD and the LCSD, those mobilised from the seventh day to the ninth day are from the LandsD and the WSD, those mobilised from the tenth day to the twelfth day are from the Post Office and the ArchSD, while those mobilised from the thirteenth day to the fifteenth day (including today) are from the FEHD and the EPD.
Government concludes fourteenth-day arrangements for Wang Fuk Court residents returning to their units Source: HKSAR Government Press Releases
Government concludes fourteenth-day arrangements for Wang Fuk Court residents returning to their units Source: HKSAR Government Press Releases
Government concludes fourteenth-day arrangements for Wang Fuk Court residents returning to their units Source: HKSAR Government Press Releases
Government concludes fourteenth-day arrangements for Wang Fuk Court residents returning to their units Source: HKSAR Government Press Releases
Government concludes fourteenth-day arrangements for Wang Fuk Court residents returning to their units Source: HKSAR Government Press Releases
Government concludes fourteenth-day arrangements for Wang Fuk Court residents returning to their units Source: HKSAR Government Press Releases
Government concludes fourteenth-day arrangements for Wang Fuk Court residents returning to their units Source: HKSAR Government Press Releases
Government concludes fourteenth-day arrangements for Wang Fuk Court residents returning to their units Source: HKSAR Government Press Releases
Government concludes fourteenth-day arrangements for Wang Fuk Court residents returning to their units Source: HKSAR Government Press Releases
Government concludes fourteenth-day arrangements for Wang Fuk Court residents returning to their units Source: HKSAR Government Press Releases
