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Strategies & Market Trends : HONG KONG

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To: Tom who wrote (1333)	2/11/1998 6:47:00 PM
From: Bill Bishop	Read Replies (2) of 2951

Here is a good article from CBS MarketWatch on why the Chinese will likely not devalue the Yuan in the near term: Asian focus turns to China Will Bejing fulfill commitment on yuan? By Rex Nutting, CBS MarketWatch Wed Feb 11 18:11:11 1998 WASHINGTON (CBS.MW) -- While the bond and foreign exchange markets are being whipsawed every day by fresh news out of Jakarta or Seoul, the biggest question mark in Asia remains Beijing. China could set off a new round of competitive currency devaluations if it decides to devalue the yuan, many analysts and policy-makers fear. Beijing's leaders have publicly announced that they won't devalue the yuan any time soon, but some U.S. leaders, especially in Congress, aren't convinced. That's why Treasury Department officials like Secretary Robert Rubin and his deputy, Lawrence Summers, have gone from Senate hearing rooms to House hearing rooms over the past few weeks to reassure the skeptics that China has promised not to devalue. Commerce Undersecretary Stuart Eizenstat told the Senate Finance Committee last week that the commitment extends through 1998. Market share China is under some pressure to devalue from domestic constituencies, who want to maintain the explosive economic growth that has been built on cheap exports.... cbs.marketwatch.com Bill Bishop CBS MarketWatch

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