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To: Nancy who wrote (50812)	8/26/1998 6:54:00 PM
From: FJV	Respond to of 58727

It's a game of chicken right now. The HKMA still has beaucoup cash. If they really want to make a statement, they may be able to send Soros and all the rest of them home licking their wounds. Lest we forget, the Monetary Authority is defending its currency by buying its own market. The peg is the key for them and I don't think the hedge fund shorts anticipated the intervention into the Hang Seng. It's an interesting move that just may work if they can ride out the nasty fundamentals long enough for a turn around. If they bet right, they will look like geniuses. If not, the shorts will be very happy. BWDIK. Franco