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To: Paul Fiondella who wrote (44742)1/11/1998 8:00:00 AM
From: Philipc  Read Replies (2) of 186894
 
"Their conclusion was that China (the first country to devalue) might use the situation in Hong Kong to devalue again rather than deal with the chaos that a build-up in unemployment of bankruptcy of enterprises might bring."

Paul,

Are you sure about China being the first country to devalue its currency? In 1997, China's Renminbi has appreciated from 8.6 to 1 U.S. dollar to 8.3. Chinese top leaders from Jiang Zemin to Zhu Rong ji have vowed not to devalue their currency, arguing they have other means to increase their competitiveness. I read a lot of misinformation about Asian financial crisis here on SI. Just want to set the record straight. Have a good day.
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