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A year ago, Hong Kong’s finance industry was hoping that a China reopening would unleash pent-up consumer demand and bring deals and prosperity to the city. There is no such illusion left.
As the Hang Seng Index selloff deepens, bankers and traders are preparing for the worst. This does not feel like 2008 when the Global Financial Crisis hit but 1998 — in the midst of the Asia Financial Crisis — a few…
