Hong Kong’s Exchange Fund reports US$1.7 billion third-quarter loss as Beijing’s big tech crackdown batters stock market

Hong Kong’s Exchange Fund, a war chest used to defend the local currency, lost HK$13.2 billion (US$1.7 billion) in the third quarter as it fell victim to a slump in the local stock market.The loss in the July-to-September period compares with a gain of HK$81.2 billion a year earlier. The last time the fund suffered a loss was in the first quarter of 2020 when it dropped HK$112 billion, the worst result in the 17 years it has been reporting its quarterly performance.“The fund’s performance has…


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