HONG KONG: A shock jump in Hong Kong’s currency is signalling a decade-long liquidity party is finally coming to an end. That may be bad news for the city’s housing market.
The Hong Kong dollar surged as much as 0.6% last Friday, its biggest gain in 15 years. While traders gave differing reasons for the move, the common theme was concern that the city’s borrowing costs will catch up with those in the US as the Federal Reserve continues to hike rates.
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