Hong Kong’s Exchange Fund, the war chest used to defend the local currency from attacks by short sellers, earned HK$51.4 billion (US$6.6 billion) from its investments in the second quarter as it benefited from gains in overseas equity markets and on its bond portfolio, according to the Hong Kong Monetary Authority (HKMA).The fund’s investment income was in line with its first-quarter returns of HK$51.3 billion, but sharply lower than the HK$121.6 billion it earned in last year’s second quarter…
