14.6% in February, while the jobless rate for the January-to-March period surged to the highest level in nine months. Adding further pressure, the city will be forced to match interest hikes by the U.S. Federal Reserve due to a currency peg to the greenback.
It’s not just capital flowing out. Another 153,000 people left Hong Kong this year, five times the amount for the whole of 2021, according to official dataSome are now coming back. For the first time in almost six months, weekly arrivals are outpacing departures. The government’s case for easing restrictions has been bolstered by an ebbing Covid wave and rising vaccination rates. New daily infections have dropped300, from more than 52,000 at the peak in early-March.
“The biggest question is how far away from the China approach can Hong Kong deviate,” said Simon Powell, a Hong Kong-based equity strategist at Jefferies Group. “That’s a political question at the heart of Hong Kong’s future – if ‘One Country, Two Systems’ is really in place then in theory it can deviate a great deal and to some extent it has.
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