G'day all - dear tom, since you also frequent the Asian Forum thread, I won't repeat myself here. Suffice to say I am of different opinion when HK is contrasted with Malaysia. The former may have intervened the market beyond historic norm, it is a far cry to Dr MM's heavyhanded tactics of essentially shutting the financial borders.
In a way, you are right. HK is always a haven for speculators. And vulture capitalism is not an unknown feature in its history. However, we are talking about level playing field here. HK will not simply roll over and play dead simply because the hedgers have a deep pocket. Late last year, HKMA has clearly warned it would "burn their a**es" if they tried. So, it is simply carrying out its promise.
Ultimately, regardless of the holier-than-thou complaints of free market tampering, this is simply a game of wit. To mix metaphor, it is a matter of who can stand staying in the hot kitchen longer. Since HK's action is specifically targeted against the hedgers, not people whose aim is investment [and use derivative to hedge risks,] I cannot see it can be categorically lumped with the agendas of other SE Asian countries.
Of course, we can certainly agree to disagree on our respective perspectives.
best, Bosco
best, Bosco |
