HKMA Reports HK$274 Billion Investment Income for Exchange Fund in First Three Quarters of 2025

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.

Simulcast of “Let’s Vote, Together We Create the Future Gala” by seven media outlets to air

To further boost the electoral atmosphere and enhance public awareness, and to appeal to all electors to cast their votes on December 7, the polling day of the Legislative Council (LegCo) General Election, the Hong Kong Special Administrative Region Government will organise a large-scale outdoor variety show, “Let’s Vote, Together We Create the Future Gala” at Wonderland of the West Kowloon Cultural District between 8pm and 10pm on December 6. The gala will be simulcast by seven local electronic media outlets, namely Television Broadcasts Limited, ViuTV, HOY TV, Phoenix Satellite Television, Radio Television Hong Kong, Metro Broadcast and Commercial Radio (in no particular order).

The Secretary for Constitutional and Mainland Affairs, Mr Erick Tsang Kwok-wai, together with senior representatives from the seven electronic media outlets, attended the “Let’s Vote, Together We Create the Future Gala” press conference held at TVB City today (November 13). They introduced details of the gala simulcast and officiated at a launch ceremony marking the gala kick off.

To further promote the LegCo General Election, the theme song “Let’s Vote, Together We Create the Future” was written as adapted from Aaron Kwok’s popular hit “強”. The song features nearly 70 singers and artists, including representatives from the seven local electronic media outlets. The music video of the theme song was premiered at the press conference and will continue to be broadcast across various platforms to encourage the public to cast their votes on the polling day.

The gala boasts a diverse programme combining traditional and innovative elements, providing a rich audio-visual experience for audiences. It will feature a stellar line-up of established and emerging artists sharing the stage, showcasing cross-generational unity and collaboration. Highlights include large-scale illusion performances by a renowned magician, grand dance performances and an interactive session with the audience, sharing fun and joy with the public and fostering the spirit of solidarity and community support for the election. Tickets for the gala will be distributed for free, with details to be announced in due course.

A Government spokesperson said, “The eighth LegCo General Election to be held on December 7 marks a significant milestone in Hong Kong’s journey from stability to prosperity. It plays a vital role in accelerating Hong Kong’s economic development and improving people’s livelihoods. The Government once again calls on all electors to actively participate and cast their votes on the polling day to elect capable, responsible, passionate and pragmatic candidates to be new-term LegCo Members, who will work together with the Government to create a brighter future for Hong Kong.”

Simulcast of “Let’s Vote, Together We Create the Future Gala” by seven media outlets to air Source: HKSAR Government Press Releases

Simulcast of “Let’s Vote, Together We Create the Future Gala” by seven media outlets to air Source: HKSAR Government Press Releases

Simulcast of “Let’s Vote, Together We Create the Future Gala” by seven media outlets to air Source: HKSAR Government Press Releases