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Strategies & Market Trends : HONG KONG
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To: Joseph G. who wrote (2222)8/30/1998 11:27:00 PM
From: Dayuhan  Read Replies (1) of 2951
 
Joseph,

Under normal circumstances the HKMA's actions would be inconceivable, or at least unjustifiable. Circumstances are far from normal. The more or less open admission of major funds that they are ganging up on the Hang Seng and the HK$ is, given the political and economic context in Asia today, tantamount to a declaration of economic war, and makes it easy to justify the institutional response.

If the funds had been a bit more subtle, they would have their money in pocket now, proceeding to the next victim.

While I disagree in principle with everything the HKMA has done, I find myself applauding them. Strange bedfellows.

Steve
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