Hong Kong asset markets were attacked by waves of speculation in 1997/8, and the economy was almost battered into submission. But the Hong Kong authorities fought back with an unconventional policy of counter-speculation in August 1998. The resulting conflict in asset markets was massive. Written from a position of detailed knowledge of events, the book combines lively analytical narrative, empirical records, and theory. It provides a fascinating story in itself, and insights into what lessons academics and practitioners can learn from the turbulent events of the time.