For global investors trying to the gauge the fallout from surging interest rates and slowing economic growth, Hong Kong is quickly emerging as a must-watch market.

Perhaps nowhere else is as exposed to two of the biggest worries roiling global asset prices — the Federal Reserve’s rapidly tightening monetary policy and China’s sputtering economy.

While Hong Kong’s $466 billion foreign-reserves stockpile and plentiful interbank liquidity suggest little chance of an imminent crisis, signs of financial stress are building.