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Strategies & Market Trends : HONG KONG -- Ignore unavailable to you. Want to Upgrade?

To: Ramsey Su who wrote (2041)	8/9/1998 10:04:00 PM
From: Defrocked	Respond to of 2951

Ramsey, I didn't make a list of all the links, but keep perusing the SCMP. Several articles noted that more than a few commercial concerns consider it prudent to hedge the HKD and have been doing so. Moreover, the blackmarket rate for the RMB is 8 to 10 percent above the official rate suggesting that many other "prudent" people are afraid of a Chinese devaluation. Let's face it. Its a mess over there and the outlook seems to be deteriorating not improving. The resulting pressure on the RMB and HKD, via the weak yen and slowing economic growth prospects in general, doesn't require a conspiracy of hedge funds but can instead result from the aggregate opinion of a multitude of worried investors. Good luck to you.

To: Ramsey Su who wrote (2041)	8/9/1998 10:34:00 PM
From: Tom	Read Replies (2) \| Respond to of 2951

Ramsey: Yes, that's what was reported. Mr. Yam was fairly upset. D. Tsang, well, he's always the same. I've only twice seen the names of exactly who the speculators were. Once last Summer in Thailand, and once last Fall in Taiwan. It's a weakness some are prepared to exploit, I guess. It would surprise me if Beijing made a move prior to the conference this coming weekend. It won't be long before we see another declaration from Zhu Rongji. Even he's not certain what demands CCP patriarchs will make this weekend. What are your thoughts on the situation, Ramsey?