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Strategies & Market Trends : HONG KONG

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To: Tom who wrote (855)	11/11/1997 2:01:00 PM
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I noticed this in my daily report: (1) The International Bank of Asia (636) disclosed that during the heavy withdrawals on Monday and today, a total of 1.6 bil. HK$ has been withdrawn. Nevertheless Hong Kong's three note-issuing banks just issued statements declaring the strength and stability of the banking system, and that the pegging of HK dollar to US dollar will stay. IBA is 55% owned by Arab Banking Corporation and 20% owned by China Everbright Holdings. Out of the 8.24 bil. transaction today, 1.14 bil. was on HSBC. This possibly indicates there are already some long term buyers quietly accumulating. I'll keep looking Doug

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