On Monday as Carrie Lam, Hong Kong’s embattled chief executive, appeared in public before television cameras for the first time in days in an appeal for order, the Hong Kong Stock Exchange began dropping.
It was hard to know how much of the plunge was down to the renminbi breaking through 7 to the dollar, how much was because of the intensifying the trade war between Beijing and Washington, and how much of the drop reflected dismay that Ms Lam had no plan B to reverse a situation on the streets that had been spinning out of control.
Since the close of play on Friday the Hang Seng index has dropped 3.5 per cent, leaving it up a mere 0.5 per cent for the year to date.
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