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To: lin luo who wrote (62241)	8/30/1998 9:10:00 PM
From: Winston Chen	Read Replies (1) \| Respond to of 176387

<I am not sure the exact their foreign reserve, but they should have enough to defend the market in the futures market which only requires 10% of the underlying values. They could hold the positions till the contracts expire which will force the gamblers to take positions. I am not sure if the first-notice-day is the same as the last-trading-day, anyway, they will force these people out if they don't cover (usually the near month contracts).> I am not into options. HSI options expired Aug 28. My understanding is most of the contracts were rolled over to Sept. HK government has spent $12b so far.