Et tu, Hong Kong?

Stuck in Customs via FlickrMuch of the financial world is in chaos now the US crisis had crossed the Atlantic and has spread in the UK, Germany, Belgium, the Netherlands. But from the financial capitals in Asia, especially Hong Kong, there has been little news about the possible fallout.
HSBC AP-chief Peter Wong has been stirring up the region a bit, reports Market Watch:

HSBC's (HBC:81.37, +1.35, +1.7%) Asia-Pacific chief Peter Wong will have ruined a few Sunday breakfasts this weekend with his prediction that the impact of the current crises would be "far more severe" than the Asian financial crisis 10 years ago, which was carried on the front pages of newspapers.
Given the bath HSBC took in toxic U.S. mortgages, many will hope Wong's bleak outlook may be colored somewhat. But it is now recognized that any hopes Asia and Hong Kong could decouple from the U.S. economic troubles were wishful thinking. Indeed, some analysts argue that Hong Kong is in a particularly tight spot.

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