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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: MythMan who wrote (4752)8/30/1998 9:07:00 AM
From: Joseph G.  Read Replies (2) of 86076
 
Tidbits from the two Chinas:

<<''By simply analysing the hard currency supply and demand in China, these rumours can be laid bare,'' Li said. ''It is clear that the foundation for the stability of the renminbi now and in the future is quite solid.''

Li said international fund companies stepped up rumours about a yuan devaluation over the past several weeks while the Japanese yen was sinking. One of their tactics was to cast doubt on whether China could boost domestic demand sufficiently to meet this year's 8.0 percent growth target.

''Their true intention is to attack the Hong Kong dollar,'' he said. Currency black marketeers in China were joining the rumour mill and hoping to cash in, he said. ''These fund companies are liars with an axe to grind,'' Li was quoted as saying. ''It is believed that overseas liars could create more sensational rumours in the future to further their sinister intentions of speculation.''>>

<<Taiwan authorities have worried that their efforts to defend the sagging stock market -- which plunged 477 points or 23 percent in the past week -- might be thwarted if Soros's funds enter Taiwan, local stock brokers said.

The island has so far escaped the worst of the financial turmoil which has hit some of its Asian neighbours. >>
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