There is an irony to the fact Hong Kong’s economy may enjoy a temporary cushion from the effects of rising US interest rates because of China’s bungled summer renminbi devaluation.
The territory, with its currency pegged to the dollar and its future tied to China, is trapped between the conflicting forces of tighter US policy and the slowdown in the mainland.
Its economy is slowing, yet yesterday, the peg obliged the Hong Kong Monetary Authority, worried about a surge in outflows to the US, to match the Federal Reserve’s quarter-point rate rise.
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