Key facts
- Exchange Fund third-quarter earnings were HK$18.6 billion, down 74% from HK$70.8 billion a year earlier, the HKMA said.
Hong Kong Exchange Fund third-quarter earnings fall 74% to HK$18.6 billion
IN SHORT
Hong Kong's Exchange Fund reported third-quarter earnings of HK$18.6 billion on November 6, 2026, down 74% from HK$70.8 billion a year earlier, the Hong Kong Monetary Authority said. First nine months earnings fell 39.6% to HK$171.9 billion, and the HKMA warned of further market turbulence.
Key Numbers
HK$18.6 billionExchange Fund third-quarter earnings
HK$70.8 billionExchange Fund third-quarter earnings a year earlier
HK$171.9 billionExchange Fund earnings, first nine months of 2026
74%Year-on-year decline in third-quarter earnings
39.6%Decline in first nine months earnings versus same period in 2025
Who's Involved
Hong Kong Monetary Authority
reported quarterly earnings and warned of turbulence
Exchange Fund
reserve fund used to defend the Hong Kong dollar
↳ Why This Matters
The Exchange Fund's 74% drop in third-quarter earnings reduces the buffer the HKMA uses to defend the Hong Kong dollar, with the authority warning of further market turbulence.