Three months of anti-government protests have thrown Hong Kong into its deepest ...
HONG KONG/SINGAPORE - Three months of anti-government protests have thrown Hong Kong into its deepest crisis in decades, pounding the financial hub’s economy and stock market and adding to its Sino-U.S. trade war woes.
“Forward is telling you that some people expect the Hong Kong dollar to move out of the band,” said Alicia Garcia Herrero, Natixis’ chief economist for Asia Pacific. It has plenty of firepower, with $448.5 billion of assets in its foreign exchange fund alone as of July, representing roughly seven times the currency in circulation, according to HKMA.The peg has already survived every kind of speculative attack, including from famed short-seller George Soros during the 1997-98 Asian financial crisis, plus external shocks from the 2008 global financial crisis to China’s stock market plunge in 2015.
“If mainland China police forces go into Hong Kong, then all bets are off,” since investors’ trust would be shattered, Brown Brothers Harriman’s analysts said in a note this month.
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