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To: Chispas who wrote (17615)	3/30/2002 7:15:26 PM
From: TobagoJack	Respond to of 74559

Hi Chispas, The Euro was introduced in HK on the same day as it was in Europe, once for the currency and second time for the paper. Many, possibly large minority, of HKers hold multi-currency savings account, and folks are comfortable holding any of the hard currencies, although tend to hold USD due to tradition and inertia. Some folks also hold gold denominated savings account, because gold is just another currency, whatever Maurice may otherwise say. China's banking ambition is to copy HK, period, and they are making progress quickly, at least in products offered if not in the disciplines. I believe China has USD 300-400 bil of foreign exchange (forex reserve plus forex private savings) and is mostly in USD. The policy is to diversify hard currency holdings, and to unload the cost of holding gold on to the proletariats. The Euro trading, along with wholesale gold trading (now) and retail gold trading (24 months later) are all part of one single scheme. Chugs, Jay