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

To: Ron Bower who wrote (2113)	8/16/1998 2:18:00 AM
From: Chung Lee	Respond to of 2951

Ron, I am ambivalent towards HKMA's action, short term they have scored a field goal, boosting home team morale but the visitors are way ahead, I am a novice and can only find examples of how interventions did not work (England and Japan), can you point me to an instance where intervention actually worked? And I reserved judgement on the actions of hedge funds, they could have actually done their homework and truly believe Hong Kong dollars and equities are overvalued, the properties surely were. For Hong Kong's sake, I hope Tsang knows what he is doing, the stake is too high for it to fail, he could be throwing HK's hard earned foreign reserve right into the pockets of the more experienced hedge funds. A billion here and a billion there, pretty soon you are talking about real money.