By the end of the working day, 23 banks including HSBC and Standard Chartered had closed a total of 44 branches, offices and cash machines, according to the Hong Kong Monetary Authority. Closures were concentrated in protest-hit areas.

The stock exchange and currency markets operated as normal, however. The HKMA said it stood ready to inject liquidity “as and when necessary” but added that settlement volumes were running at normal levels.

It is easy to take fright at events in Hong Kong. The territory thrives on the rule of law, so when peaceful protesters demanding democracy are tear-gassed, it is natural to focus on HK’s position within a totalitarian communist state. A quick glance at the markets suggests a whiff of panic amid the tear gas. The HK dollar had its biggest one-day fall against the US dollar since the euro-induced currency chaos of 2011. Property stocks led equities down, with a fall of 3 per cent.