Hong Kong’s Exchange Fund has caught the Brics-and-beyond fever. The world’s 8th largest foreign-exchange reserves fund with assets totalling HK$2,345.7bn (US$300.7bn) has announced plans to diversify its holdings in 2011 by buying emerging market bonds and equities.
But central banks needn’t be too worried about another source of hot money, because the fund is likely to focus its investments on China.
A spokesperson from the Hong Kong Monetary Authority told beyondbrics:
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