The impact such a move would have on the mainland Chinese economy would not be nearly as severe, said Leland Miller, chief executive officer of the China Beige Book, a firm that advises investors and corporate management on the Chinese economy. “The impact is overhyped. Most talking heads say that the Chinese can’t allow Hong Kong to lose its status as the pre-eminent financial center in Asia, but that’s not what I hear from China,” he said.

Revoking Hong Kong’s special status is Trump’s ‘nuclear option’ that could trigger irrevocable U.S.-China split, analysts warn