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Technology Stocks : Cymer (CYMI)
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To: Defrocked who wrote (5823)10/23/1997 9:40:00 AM
From: Jess Beltz  Read Replies (1) of 25960
 
<offtopic> Defrocked, the word out of Beijing (direct from the foreign press secretary) is that there will be no interference from Beijing in the turmoil in Hong Kong. The SAR (Special Administrative Region) will be on its own to defend its own currency and of course to maintain the HK$-US$ peg. That is fine with the HK Monetary Authority, which has the largest US dollar reserves in the Far East (and maybe the world) outside of Tokyo. Of interest here is that some of the banks (but not the major local banks, particularly the Hong Kong and Shanghai Banking Corporation) have been deeply involved with trying to run the HK dollar, and the domestic interbank lending rate shot up to 300% (**note** did not rise by 300 percent, but actually WAS 300%) in an attempt to control the use of interbank leverage by speculators. I really don't think this will have much affect on Wall Street, at least I hope not.

will supply occasional updates. jess.
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