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HK Monetary Authority chief expects Q2 Exchange Fund losses

(Xinhua)
Updated: 2008-06-26 19:07

Continuous weakness of global and local stock markets may bring further investment losses of the Exchange Fund in the second quarter, Hong Kong Monetary Authority Chief Executive Joseph Yam said Thursday.

The expected investment losses of the Exchange Fund in the second quarter will follow the first-quarter deficit, said Yam.

Yam told the media here Thursday that stock and debt markets' performances have been poor in the past few weeks due to an uncertain interest rate trend.

Amid such an unfavorable investment environment, Yam said, the authority will adopt a more long-term investment strategy to minimize the short-term book loss.

He believed it is good for the US Federal Reserve to maintain the current interest rate, but whether the decision will have a positive effect on inflation remains to be monitored.