With the economy already on the ropes because of the Covid-19 , investors fled for the hills with many worried about Beijing's increasing influence in the semi-autonomous finance hub and what that could mean for doing business there.
President Trump promised a response, saying:"I don't know what it is, because nobody knows yet. If it happens, we'll address that issue very strongly." The virus has sent the Hong Kong economy into a tailspin, fuelling a record 8.9 percent contraction in the first three months of the year, with worse expected in the current quarter.
Market heavyweight HSBC lost 6.9 percent and BOC Hong Kong shed 7.8 percent, while insurance giant AIA was down more than nine percent and China Life dropped 6.8 percent.
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