Minneapolis/Hong Kong — A smattering of places, mainly across the Asia Pacific region, have seen breathtaking victories in the battle against Covid-19 by effectively wiping it out within their borders. Now they face a fresh test: rejoining the rest of the world, which is still awash in the pathogen.

In some ways, the success of “Covid Zero” locations is becoming a straitjacket. As cities such as New York and London return to in-person deal making and business as usual — tolerating hundreds of daily cases as vaccination gathers pace — financial hubs such as Singapore and Hong Kong risk being left behind as they maintain stringent border curbs and try to stamp out single-digit flare-ups...

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