China
30 in 30 - 1997: Hong Kong returns to China
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But the economy in Hong Kong was in deep trouble. Asian economies fell into crisis in July, triggered by the Thai government's decision to stop defending the baht. This sent other Asian currencies tumbling as speculators attacked one country after another.
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July 1st, 1997 after 156 years' of British rule, Hong Kong returns to the motherland. |
The first attack on the Hong Kong dollar began in earnest in October. The benchmark Hang Seng Index fell more than 1000 points in two days.
The SAR government immediately took action, putting 120 billion Hong Kong dollars in foreign exchange reserves into the stock market to end international speculation. And the central government promised to maintain Hong Kong's steady and prosperity at any cost. With efforts from both itself and the mainland, Hong Kong finally survived the financial crisis the next year.