HKMA's Exchange Fund cuts risk assets on record investment losses

Hong Kong Monetary Authority's (HKMA) Exchange Fund has been trimming risky assets and raising deposit levels in its investment portfolio even as it tallied up three consecutive quarters of losses. The city’s de facto central bank said that the Exchange Fund - Hong Kong's de facto sovereign wealth fund - posted an investment loss of HK$100.1 billion ($12.8 billion) in the third quarter.  It is the fund’s second-worst quarterly loss in the past 19 years according to publicly disc…