Editing Deflation (section)

===Hong Kong===
Following the [[1997 Asian financial crisis]], [[Hong Kong]] experienced a long period of deflation which did not end until the fourth quarter of 2004.<ref>{{Cite web|url=http://www.info.gov.hk/censtatd/eng/hkstat/fas/cpi/cpi_adjust_index.html|archiveurl=https://web.archive.org/web/20050308003234/http://www.info.gov.hk/censtatd/eng/hkstat/fas/cpi/cpi_adjust_index.html|url-status=dead|title=Frequently asked Statistics - 1999/2000-based Seasonally Adjusted Consumer Price Indices|archivedate=March 8, 2005|website=www.info.gov.hk}}</ref>  Many [[East Asia]]n currencies devalued following the crisis. The [[Hong Kong dollar]], however, was pegged to the [[United States dollar|U.S. dollar]], leading to an adjustment instead by a deflation of [[consumer price index|consumer prices]]. The situation was worsened by the increasingly cheap exports from [[mainland China]], and "weak [[consumer confidence]]" in Hong Kong. This deflation was accompanied by an economic slump that was more severe and prolonged than those of the surrounding countries that devalued their currencies in the wake of the Asian financial crisis.<ref>{{Cite book|last=Jao|first=Y. C.|title=The Asian Financial Crisis and the Ordeal of Hong Kong |url=https://archive.org/details/asianfinancialcr00jaoy|url-access=limited|publisher=Quorum Books  |year=2001 |pages=[https://archive.org/details/asianfinancialcr00jaoy/page/n170 155]–170 |chapter=Why Was Hong Kong a Laggard in Economic Recovery |isbn=978-1-56720-447-6 }}</ref><ref>{{Cite news|url=http://www.atimes.com/atimes/China/EG04Ad04.html |archive-url=https://web.archive.org/web/20030708025924/http://www.atimes.com/atimes/China/EG04Ad04.html |url-status=unfit |archive-date=2003-07-08 |title=Why Hong Kong is in crisis|last=Liu |first=Henry C. K. |date=2003-07-04 |publisher=Asia Times |access-date=27 April 2010 }}</ref>