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To: D.J.Smyth who wrote (57543)	8/11/1998 9:51:00 AM
From: MichaelW	Respond to of 176387

Congrads. I bought some yesterday, ops.

To: D.J.Smyth who wrote (57543)	8/11/1998 10:23:00 AM
From: Mohan Marette	Read Replies (1) \| Respond to of 176387

<--OT---> Darrell agree with most of what you say but I don't think China is competing against Japan at least for the most part as China produces more consumer non-durables such as clothes and toys and Nikes etc where as Japan I would think is more into a bit more sophisticated products,however China does compete against other S.E Asian countries. Like you said China may not devalue the Renminbi as they are likely to loose face in the International community and could jeopardize their aspirations to be a 'world leader'.True since Yuan is not a 'floated' currency it is immune from attack from speculators but Hong Kong dollar is prone to attack and actually speculators have already moved into HK$,but in any case China has over 250 billion dollars in foreign currency reserves and quite capable of fending off any undue advance by currency speculators if they wanted to. How all this will turn out is anybody's guess. BTW I don't think China has officially said they would devalue I think it is mostly the Western press who keep trumpeting this possibility. If they have made any unofficial gesture to this effect it could be that they want to force the Japanese to do something about their inaction in fixing the Japanese economy,obviously it hasn't worked so far.