HONG KONG, May 22 (Reuters) – Hong Kong’s Hang Seng Index fell more than 5% on Friday afternoon after China moved to impose new national security legislation on the city, raising fears of a revival of street protests that convulsed the financial hub for much of last year.
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The benchmark is headed for its largest daily percentage drop since 2015. The property sector sub-index slumped 7%, set for its worst day since 2008.
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Earlier, the Hong Kong dollar weakened to 7.7552 against the U.S. dollar, its weakest level since May 5, while interbank interest rates edged up across the curve.
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Reporting by Noah Sin; Editing by Clarence Fernandez