In 1997, a large-scale financial crisis occurred in Asia in which Indonesia, South Korea and Thailand suffered the most impacts. Hong Kong had also been affected with moderate economic loss. Hong Kong had suffered from a drop of around 0.1% on the stock market per day. However, minimal loss had been made for Hong Kong due to a solid and well organised bank system, effective liquidation law and good regulatory infrastructure.Vichitsarawong, T., Eng, L.L., Meek, G.K. (2009). The Impact of the Asian Financial Crisis on Conservatism and Timeliness of Earnings: Evidence from Hong Kong, Malaysia, Singapore, and Thailand. Journal of International Financial Management & Accounting. Vol. 21, Issue 1, pp. 32 - 61. Retrieved from https://doi.org/10.1111/j.1467-646X.2009.01035.x Therefore, the fluctuation of Hong Kong Dollar and Hang Seng Index has been minimised despite the attack held by an American billionaire investor George Soros.
