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Strategies & Market Trends : HONG KONG

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To: Tom who wrote (1613)	5/15/1998 2:29:00 PM
From: Tom	of 2951

More on recent rumor of speculative attack on HK Currency. It's been reported that a China-controlled group listed in Hong Kong was responsible for a massive outflow of funds in the local currency on April 29. This sparked fears of a re-newed speculative attack on the HK dollar. Ironically, the move challenged the HK$/US$ link which Beijing supports. Highlights, never-the-less, the growing clout of China-controlled interests in the HK economy. Traders say the red-chip company converted HK$7 billion (US$897 million), which it had been holding in high-yield currency deposits, into U.S. dollars in order to repay a loan. The HIBOR soared from 4.5% to over 6%, prompting the HKMA to issue a statement asserting that the outflow was related to "a genuine commercial order by a corporate."

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