Independent Strategy

Hong Kong – trouble brewing

A Hong Kong (HK) political crisis is brewing beyond Covid. There are two elements. First, Hong Kong is a perfect lightening rod for existing tensions between the US and China. Second, China is tightening the screws on the HK democracy movement under cover of Covid. The HK dollar peg is still solid and should be avoided as a speculative play. But the equities, particularly property, remain a short despite being 20% below their peak a year ago.

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