Hong Kong’s Exchange Fund reports record earnings in 2025

South China Morning PostCenter-RightEN 1 min read 100% complete by Enoch YiuJanuary 28, 2026 at 09:50 AM

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In 2025, Hong Kong's Exchange Fund, managed by the HKMA, achieved record earnings of HK$331 billion (US$42 billion), a 51% increase compared to 2024. This marks the fund's best annual performance since the HKMA's establishment in 1993, surpassing the previous record set in 2017. The substantial gains were primarily driven by strong stock market returns and a significant rise in gold prices. According to HKMA Chief Executive Eddie Yue Wai-man, global financial markets demonstrated resilience throughout 2025, contributing to the broad-based gains in major stock markets. While the Exchange Fund benefited from rising gold prices, its holdings of the precious metal are not substantial due to liquidity considerations. The Exchange Fund serves as Hong Kong's financial reserve, used to maintain currency stability.

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Key Player Opposition Context

Gold ×460% Eddie Yue Wai-man ×270% Exchange Fund ×680% Hong Kong Monetary Authority (HKMA) ×385% Hong Kong 90%

Keywords

exchange fund 100% record earnings 90% financial markets 70% stock market returns 70% hkma 60% gold prices 60% financial war chest 50% investment portfolio 50% currency defense 40%