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The Fear of China
Hong Kong was the poster child for this because they didn't devalue the exchange rate but as a consequence interest rates went to astronomical levels. The fear was really about China what I mean people just thought well of course China will devalue why won't China devalue which I thought was kind of nothing. There was quite a lot of evidence that they were really very competitive at that exchange rate and so anyway the consensus was China will devalued get your money out now before it's too lateget it out of Hong Kong get out of China.