HONG KONG - Hong Kong's rallying stock market is defying predictions of the death of the city in the wake of a new security law.
A sudden rally in mainland equities and a strengthening yuan have stimulated investor appetite for Hong Kong shares, which were recently the cheapest relative to the US since at least 2005. But regardless of the cause, a rising stock market will bolster claims by officials that the new law would restore both stability and prosperity to a city that has been wracked by protests.
Yet it was apparent then that Beijing was determined to shore up the city as a financial centre in the face of growing overseas concern. Waves of mainland capital flooded into equities as international investors dumped them, helping to strengthen the local currency. The Hong Kong Monetary Authority sold HK$7.2 billion of local dollars this week after the exchange rate rose to the strong end of its trading band against the greenback.
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