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Chan said that the global financial environment is still in a highly unusual state. When the current unusually low interest rate environment begins to change around the World, asset prices in emerging markets may face the risk and pressure of downward adjustments. Hong Kong is unlikely to be immune to this.
Chan said that over US$100 billion that has flowed into the Hong Kong dollar since August 2008 may flow out as US interest rates normalize, leading to a contraction in liquidity, rising domestic interest rates and possibly falling asset prices.
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