Around the World's Markets: Hong Kong

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HONG KONG stocks fell to their lowest level since January 1995 under pressure from rising local bank rates, a weaker yen and poor company figures. The Hang Seng index fell 212 points to 7,254.36.

The yen tested its June low of 146 against the dollar, adding to fears that the weakness of the yen might persuade China to devalue the yuan and Hong Kong to devalue its dollar.

China intervened to support the yuan for the second time in a week and has often said it will not devalue.