May 4, 2020 / 2:13 AM / a month ago

Hong Kong's Exchange Fund suffers $11 billion losses in first quarter

FILE PHOTO: A Hong Kong dollar note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration

HONG KONG (Reuters) - Hong Kong’s Exchange Fund suffered losses of HK$86.1 billion ($11.11 billion) in the first quarter of 2020, central bank Hong Kong Monetary Authority told local lawmakers in a regular briefing on Monday.

The losses come after the Exchange Fund, which is used to back the Hong Kong dollar, generated its second highest annual investment income on record in 2019.

Reporting by Noah Sin and Twinnie Siu; Editing by Himani Sarkar

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