How hot is Hong Kong? Ed Snowden has fuelled a media firestorm by hiding here while he lobs out explosive revelations about US internet snooping. But locals should have their eyes on a different kind of American-generated heat.
Hong Kong has been one of the biggest repositories of hot money created by the ultra-low interest rates of the US Federal Reserve since the financial crisis. Now, it is seeing some of the swiftest turns as money begins to flow back home.
Asian stock and bond funds saw outflows of $2.1bn in the week to June 12, the largest weekly outflow since August 2011, according to EPFR, a research firm. Within this, Hong Kong-specific funds lost almost $600m, the largest outflow for an individual market.
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