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According to the latest report published by Fitch ratings on Friday, a signal from the US of a possible change in its long-standing policy towards Hong Kong may also heighten uncertainty and dampen investor sentiment.

Additional quotes

“Hong Kong banks’ operating environment outlook negative.”

“Ongoing economic shock will heighten challenges facing Hong Kong banks in an already highly competitive landscape.”

“Expect Hong Kong’s economy to contract by 5% in 2020, in large part due to significant dampening effect pandemic has had.”

“Forecast GDP growth will recover to 3.5% in 2021, alongside an expected rebound in global activity.”

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