No Exchange Fund transfers planned in next 5 years, Hong Kong’s Paul Chan says

Hong Kong does not plan to get another transfer from its Exchange Fund in the next five years, the finance chief has said, citing a new medium-range forecast explaining why the rare move will not be repeated. Financial Secretary Paul Chan Mo-po elaborated on his fiscal plan on Saturday, after his budget announcement to withdraw HK$150 billion (US$19.2 billion) from the government’s main investment arm and de facto sovereign wealth fund sparked concerns about the city’s financial stability. “I...

By Lam Ka-sing