It's a rough day for Hong Kong markets today
USD/HKD is closing back in on the 7.85 upper band limit while the Hang Seng index sees no reprieve after the lunch break falling to session lows and is on the verge of a 2% drop right now.
Hong Kong markets were closed yesterday but reopened today and things aren't looking good as short sellers appear to be driving the rout here. Of note, weekend news could be the prime reason for the drop here with Chinese PMI data posting sluggish readings while US-China relations continue to sour.
That in turn has a spillover effect to Hong Kong assets. Either way, it's a bad day in general for investors in this space and this is a good primer of what may come next week when mainland Chinese markets reopen.
