Hong Kong's Exchange Fund recorded a record-breaking investment income of HK$224.7 billion for the first nine months of the year, the Monetary Authority (HKMA) revealed on Monday.

The fund posted gains of HK$114.6 billion in the third quarter alone, with the largest gain coming from bond investments, which contributed HK$66 billion.

Investments in Hong Kong stocks posted gains for the second consecutive quarter, adding about HK$22 billion.

Gains from other stocks totalled HK$18 billion while the valuation of foreign exchange brought in HK$8 billion.

The figure for the first three quarters saw the investment income falling just HK$40 billion short of the total annual record of HK$264 billion in 2017.

Speaking to reporters, the HKMA’s chief executive Eddie Yue said it is difficult to tell if this year’s annual figure will set a new record.

“We’ve got two more months to go, and the financial market, even a week or month, is a very long period. During those two months, even within this week, we are seeing different developments that will have an impact on the market,” he said.

“For example, the pace of the US interest rate reduction is still unknown. The market is expecting that at the [Federal Open Market Committee] meeting this week, the Federal Reserve will continue with the reduction path, with a cut of let's say 25 basis points as expected by the market. But what the commentary will be, and how they will assess the forward path will have an impact on the market.”

Yue also noted factors – such as whether China will announce more economic stimulus measures, as well as uncertainties arising from the geopolitical conditions – will influence the fund’s performance.