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Strategies & Market Trends : Asia Forum

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To: Bosco who wrote (5712)	8/20/1998 12:14:00 PM
From: Zeev Hed	Read Replies (2) of 9980

Bosco, you should know about stocks going to zero, CTYS (one of Sankar's favorites at the time) in their last 10q said flatly that stock holder get nadda. By the way, those preferred that did not hedge get nadda as well (some warrants on the future company). As for pegging, it is done to prevent speculation and drain on foreign reserves. Some countries have a "variable peg" (at some point Israel had a fixed peg of their shekel but each week they lowered it just a percent or two, gradual devaluation, of course you could buy or sell green back in the black market at appreciable premiums to the peg). The level at which a peg is determined historically, is whatever the prepeg (or usually a fat premium) conversion was. The problem with HK their currency was too weak when our dollar went to 80 yen/dollar (or chose the equivalent gold price then in effect if you are a "purist") and is now too strong when the dollar is "pegged" above 140 yen/dollar. They can repeg and then leave it for few years until they get absorbed completely in Red China's economy. And I agree with Paul that the next pegging will be down. Zeev

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