But the financial system is resilient enough to withstand correction.
According to Bloomberg, Hong Kong’s property market is in a dangerous situation and vulnerable to a correction, Financial Secretary Paul Chan said in an interview.
"The warning comes as rate hikes by the U.S. Federal Reserve send borrowing costs higher in Hong Kong, given the city imports U.S. monetary policy due to its currency peg. The Hong Kong Monetary Authority last week boosted borrowing costs by 25 basis points to 1.5 percent after the Fed raised its target range by the same amount," added Bloomberg.
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