The chief executive of the Hong Kong Monetary Authority has dismissed calls from lawmakers for Hong Kong’s de facto sovereign wealth fund to boost investment in the tumbling domestic stock market.
Eddie Yue, head of Hong Kong’s de facto central bank, said on Monday that the move would be counterproductive, adding there was “almost no place in the global market” where foreign exchange reserves were used to invest in the domestic market.
Yue’s comments came after Kennedy Wong Ying-ho, a legislator representing the import and export constituency, asked the HKMA head whether the Exchange Fund could invest in Hong Kong’s real estate or stocks to support the local market.
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