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Plunge in HIBOR boosting consumption growth
Hong Kong’s GDP growth surprised to the upside, expanding by a strong 3.1% y/y in Q2, up from a downwardly revised 3.0% y/y in Q1. In q/q terms the economy expanded by 0.4%. While that's a much slower than the 1.9% q/q expansion last quarter, it still came in well above both our and consensus expectations.
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