What do August 2008, August 2011, and January 2016 all have in common? In pop culture or mainstream news, I’m not sure you could find any consistent link between those precise periods. Even in economics, it’s not quite as uniform. Those were all forming or beckoning downturns, but all at somewhat different stages of them.

More specifically along those lines, what they really have in common was “dollar” problems globally. Big ones. These are not particular months you want anything to be compared to, especially if you are a Hong Kong bank and anyone doing “dollar” business with one (meaning practically everybody).

The Hong Kong dollar is today trading at the lowest level since 1984. It doesn’t fall outside of these other comparisons. This is not a good sign for global liquidity, money, or just plain stability.