The de facto sovereign wealth fund of Hong Kong on Monday reported an investment loss of HK$202.4 billion ($25.8 billion), or 4.4%, for 2022 - the worst performance since 2008.
The worst global investment environment in 50 years has left the Exchange Fund with 'nowhere to hedge'. HKMA's chief executive said the fund plans to adopt a defensive position heading into 2023.
Investors looking for signs of loosening may have been disappointed by China's critical plenum, but all eyes are now on the reshuffle of the Standing Committee unveiled Sunday for future political direction.