1998 - 亞洲金融風暴 Asian financial crisis
Background:
The financial crisis hit several countries across Southeast Asia. The Hong Kong dollar was attacked by speculators including George Soros.The Hong Kong stock market dropped by 23% within four days.
Details:
The Hong Kong government and the Hong Kong Monetary Authority successfully protected the currency by buying US$15billion worth of shares from the stock market.
Consequences:
The crisis plunged Hong Kong into recession and the plummeting popularity of the new HKSAR government. Stock market and property market took a long time to recover, indirectly leading to subsequent development.
Donald Tsang, then Financial Secretary who took charge in the crisis, later became the Chief Executive in 2005.