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Politics : Idea Of The Day

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To: Auj who wrote (12633)	10/23/1997 4:34:00 PM
From: IQBAL LATIF	Read Replies (1) of 50167

Hk faces acute flight of domestic cpaital= Bank of China as ultimate lender of last resort should be expected to step up and make a statement withdrawing anykind of restrictions on cpaital transfers. his should hold markets to present level- markets tend to overshoot in enthusiasm on down side and upside what is hapening is and oversold situations which shall stablise by tomorrow close of session in ASEA. Opening can be bad but I expect after todays reaction to bonds and equities in US the close tomorrow will show signs of stability- it is lot different from Mexico where reserves were depleting as hot money escaped here more then hot money it is flight of domestic capital if Bank of China issues right kind of statement we may see situation stabilising- HK has 60 billion $'s of reserves alongwith China the two has awesome reserves to rely on- the only worry I have is a economic clamp down by China. Like Dr Mahatir failed attempt to answer Malayasia's crisis, this is certainly aggravated by aggressive lending on real estate and HK will not turn around fast to its old heights.

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