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Technology Stocks : BGT (Bit Integration Technology)
DRYS 5.2400.0%Oct 11 5:00 PM EST
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To: john mark olearo who wrote (25)6/21/1998 11:02:00 AM
From: Eugene Lo  Read Replies (1) of 53
 
Mr. Olearo,

Although the new Premier Zhu Ronghi had openly admitted China will protect the YUAN for whatever price, I find it difficult if the pressure from other Asian Countries continue to threat the YUAN. To devaluate or not, I think it will eventually devaluate (beginning of 1999) but it is not expected to fall like a rock. Last week, President Clinton had recommended to grant China the most favorable nation status (MFN) permanently instead of annual renewal; before his trip to China and HK on June 24. Both President Clinton & Chinese leader Jiang Zemin are working in good faith to build a better US-China relationship. This is encouraging for any US company that wish to invest in China. Foreign investment in China continue to grow. Thanks to the limited convertibility of the YUAN, the central government can control the exchange rate easier (foriegn reserve continue to grow). It is a difficult decision for Central Government.
The management of BIT recognizes the potential Remenbi devaluation, and had taken steps to minimize the impact to our investment. Our joint venture partner had been cooperative and is willing to open for discussion if our return had been jeopardized as a result of the currency devaluation.

In my opinion, if the Remenbi (YUAN) is going to devaluate, it will be the last currency to devaluate in Asia.

Note: The above represent my personal opinion only.

Eugene Lo, June 21, 1998
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