The Hong Kong Monetary Authority (HKMA) published the unaudited financial position of the Exchange Fund at end-September 2025, reporting investment income of HK$274.0 billion for the first three quarters of 2025. Total assets stood at HK$4,152.2 billion, up HK$71.2 billion from end-2024, and the accumulated surplus reached HK$916.3 billion. The income was driven by gains on bonds (HK$112.6 billion), gains on Hong Kong equities (HK$40.1 billion) and other equities (HK$59.5 billion), a positive currency translation effect on non-Hong Kong dollar assets (HK$30.2 billion, net of hedging), and gains on other investments (HK$31.6 billion), with the latter reflecting valuation changes for Exchange Fund investment holding subsidiaries as at end-June 2025. Fees on placements by the Fiscal Reserves and by HKSAR Government funds and statutory bodies were HK$12.3 billion and HK$11.8 billion respectively, with the fee payment rate set at 4.4% for 2025.
Hong Kong Monetary Authority 2025-11-13
Hong Kong Monetary Authority reports Exchange Fund investment income of HK$274.0 billion in the first three quarters of 2025
The Hong Kong Monetary Authority reported the unaudited financial position of the Exchange Fund at end-September 2025, with investment income of HKD 274 billion for the first three quarters. Total assets rose to HKD 4,152.2 billion, and the accumulated surplus reached HKD 916.3 billion. Income was primarily driven by gains on bonds, equities, currency translation effects, and fees from placements by the Fiscal Reserves and HKSAR Government funds.