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Strategies & Market Trends : HONG KONG
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To: Bill Bishop who wrote (1338)2/12/1998 2:48:00 AM
From: Tom  Read Replies (1) of 2951
 
Bill: Good one. Wish I were capable of such brief yet meaning-filled synopsis.

It's especially true to understand that the devaluation pledges are temporary. Mr. Zhu is hoping that the situation has stabilised once he does devalue, and that other economic instruments have aided to the point where only a small devaluation is necessary. Say,... 10%.

Just one item and I'll end.

The constructs of my optimism where the yuan and other econo-matters are concerned are supported largely by the skills of Mr. Zhu Rongji and his staff. I was impressed on learning years ago about the well-educated and youthful talent Mr. Zhu had assembled to assist him in administering these matters. Some were Ivy Leaguers, products of the Cultural Revolutuion as well. I do not wonder that they are serious about their assignments.

(I have a note to myself, reminding me to discover just what is the current complexion of Mr. Zhu's staff and what of the original members. I must get to this.)

Granted, there is interference. Not least of which emanates from the likes of Mr. Li Peng -- a genuine hard-liner. "If he (Zhu) is so talented then let him handle everything," Mr. Li quipped not long ago. It's this type of rhetoric that really gets under my skin. Li Peng is frustrated over the Party's subduction of his persona for having been the central figure in the Tiananmen event. About which Mr. Zhu once stated, "One day everyone will know what happened there." See the friction?

Just one more thing. I am still rather amazed that Singapore will provide docking and maintenance facilities for the U.S. Navy's Seventh Fleet. The Navy has been after a Singapore facility for years, ever since they lost the Philippine depot. Is it important that only now does Singapore grant this? Is SM Lee convinced of some future probabilities that would require a counter-element, and on what does he base this conviction?


All for now.
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