Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : C-Cube -- Ignore unavailable to you. Want to Upgrade?

To: BillyG who wrote (24479)	10/27/1997 4:59:00 PM
From: Kelvin C.P. Wang	Read Replies (2) \| Respond to of 50808

Chinese currency is totally controlled by the government, It CANNOT be traded. The Chinese government has talked about slowly freeing up its currency. But, you cannot trade it as of today. Therefore, there is NO currency issue for CUBE's Chinese market. Indirectly, there may be impacts from Hong Kong and other Asia countries. If anyone wants to talk about the Chinese currency's negative impact on Cube, please use facts. Regards KW

To: BillyG who wrote (24479)	10/27/1997 5:42:00 PM
From: John Rieman	Respond to of 50808

Jiang Says Hong Kong's Wild Markets "Natural" ................. insidechina.com <Picture: jiang01.gif>BEIJING -- China's President Jiang Zemin (pictured) said on Saturday that gyrations in Hong Kong's financial markets were a "natural phenomenon" and foreign investors would not lose confidence. "I believe the ups and downs in the market are a natural phenomenon, and the Chinese economy, including the economy of Hong Kong, is stable," Jiang told U.S. reporters on the eve of his departure for a state visit to the United States. "I believe no rational investor will lose his confidence about the future of the economy of China and the future of the economy of Hong Kong only because of the temporary fluctuations of the stock market," he said. Hong Kong's blue-chip Hang Seng Index registered its biggest-ever point plunge on Thursday as financial authorities in China's newly acquired territory pushed up overnight interest rates to 300 percent to defend the Hong Kong dollar's link to the U.S. currency. It clawed back most of its losses to close up nearly seven percent at 11,144.34 points on Friday, but was still 18 percent down on the week and 33 percent off its record closing high in August. Stock markets around the world fell in response to the turmoil, the territory's biggest crisis in decades and the first since it was restored to Chinese control in July. "In the past, we stressed the planned mechanism but now we are working to build a socialist market economy and naturally one thing that will come with the socialist market economy is the securities exchanges," Jiang said. Jiang dodged a question asking whether he was making his statements to restore confidence in Hong Kong's battered financial markets. Hong Kong reverted to Chinese rule at midnight on June 30 after 156 years as a British colony. An official of the central bank, the People's Bank of China official, made clear on Friday that Beijing would help Hong Kong in its crisis if it was asked. "If anything happened to Hong Kong, and if Hong Kong monetary authorities requested us to do something, then the relevant departments would find concrete solutions," said an official in the spokesman's office of the People's Bank of China. The official, who declined to be identified, was speaking in a telephone interview. China and Hong Kong have huge foreign exchange reserves totaling more than $200 billion and have vowed to defend the 14-year-old currency peg to maintain stability in the capitalist special administrative region. <Picture: tung10.gif>Hong Kong leader Tung Chee-hwa (pictured) leapt to the defense of currency peg on Friday, saying a steady Hong Kong dollar lay at the "very heart of our economic stability". "We are determined to defend the dollar peg," he told reporters at Hong Kong airport after returning from a week-long visit to Europe. Tung also expressed confidence in the stock market and said it would rebound. U.S., China agree on financial news market access (Reuters)