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Banking & Finance

News about the global financial industry with a focus on developments in Hong Kong and China.

Passers-by watch the Hang Seng Index in Hong Kong’s Central district. A broker says the 1997 Asian financial crisis was the worst period in the history of the city’s markets. Photo: Martin Chan 

Frontline report: HKMA’s 1997 currency war was ‘complete panic’

Many Hong Kong bankers, stockbrokers and currency traders still recall vividly that fateful day in October 1997 when the Hong Kong Monetary Authority (HKMA) had to squeeze the city’s interbank interest rate to a record to drive out currency speculators led by hedge fund manager George Soros from