Actually I think it's the reverse; it is quite effective against China. China needs huge amount of USD for supporting its internal needs for food, resources, et

Actually I think it's the reverse; it is quite effective against China. China needs huge amount of USD for supporting its internal needs for food, resources, etc. That's why Hong Kong is so important to China as she is the only city in China which can raise USD funds via the stock market. A 'still ok' economy is the only thing to keep the legitimacy for the current authoritarian regime. If the economy turns bad, people will start challenging the regime internally.