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Gold/Mining/Energy : Gold Price Monitor

GDXJ 96.06

-1.4%

Nov 17 4:00 PM EST

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To: IngotWeTrust who wrote (22471)	11/3/1998 2:08:00 PM
From: Alex	Read Replies (1) of 116762

EU'S SANTER URGES HONG KONG TO SWITCH SOME RESERVES TO EURO By Phillip Day HONG KONG (MktNews) - European Commission President Jacques Santer suggested Tuesday that Hong Kong should follow the lead of China and commit to switching a portion of its reserves to euros in advance of the new currency's introduction. "I think it would be natural," he told reporters after a speech here. "Hong Kong would be very advised to hold some reserves in (euros)." Santer confirmed reports that he was told by Chinese officials on the weekend that they plan to switch some of their $141 billion foreign currency reserves to euros. He said any country that plans to do business with the huge trading block the euro zone will become would be making a "very important indication" by switching some reserves to euros before the currency is introduced. Santer also warned China that it must open its doors wider to European trade if it wants the doors to European markets to remain open. "Let me state quite clearly, our markets will remain open," he told the Hong Kong Trade Development Council in a speech. "However, it will be increasingly difficult to tackle the inevitable protests linked to steadily increasing Chinese exports unless there is clear evidence of increasing and equivalent access for European business to the Chinese market." Santer said he hopes China's accession to the World Trade Organization will be completed by the end of next year, when a new round of global trade liberalization talks are scheduled to begin. He also levelled some veiled criticism at Hong Kong for its market interventions against speculators earlier this year. "Measures to curb speculation... can risk interfering with the corrective nature of the markets themselves. There is always a danger of public authorities taking on roles and obligations they might better avoid. "I therefore welcome the (Hong Kong) government's clear statement that this summer's intervention into the equities and futures market does not herald a departure from Hong Kong's long-standing approach to economic and financial policy." [TOPICS: MNSEMU] 02:45 EST 11/03 © 1998 Market News Service, Inc. economeister.com

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