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| In 2006, the Exchange Fund achieved an investment return of 9.5%, or 0.6% above that of the investment benchmark, amid volatile financial markets. The year saw monetary tightening, rising energy and commodity prices, and a shift in investors’ attention from the traditional US and European markets to emerging economies, particularly China and India. Global equity markets continued to show remarkable gains against a backdrop of ample liquidity and tight credit spreads, while the bond markets recovered in the latter half of the year. Although the US dollar lost its shine in the foreign exchange market, weakening against the euro by 10.5%, it finished the year stronger against the yen. |
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