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To: Sig who wrote (62304)	8/31/1998 7:35:00 AM
From: Patrick E.McDaniel	Respond to of 176387

Sig, I always thought CPQ was worthless, Yahoo is confirming it! quote.yahoo.com :o)

To: Sig who wrote (62304)	8/31/1998 8:54:00 AM
From: Mohan Marette	Respond to of 176387

China offers to help Hong Kong-From Financial Times London. 'morning Sig: Here is a bit of good news if one can call it that. Looking at the massive foreign currency reserves China has coupled with HKG's reserves do present a formidable barrier to maverick speculators who apparently like to bring down Hong Kong for personal gains but now that China has offered to help the success of speculators seem nothing but wishful thinking or is it????? Well stay tuned as they say. ==================================================== HONG KONG: China offers to fight market raids By James Kynge in Beijing and Louise Lucas in Hong Kong China has pledged to answer any request from the Hong Kong government for assistance in its battle against speculators. It also warned that "any conspiracy" to destroy the Hong Kong dollar's peg to the US dollar would fail. The official China Daily newspaper yesterday quoted Li Guobin, a Chinese government economist, as saying international fund companies were spreading lies and rumours about a possible devaluation of China's renminbi currency with the aim of undermining the Hong Kong dollar. It is the first clear sign China may be prepared to use some of its US$140bn (œ84.8bn) in foreign exchange reserves to assist Hong Kong efforts to defeat speculators through market intervention. Analysts in Hong Kong estimate the territory may have spent more than $13bn over the past two weeks buying stocks and futures to prop up market prices. Mr Li's position as a senior economist with the state council (cabinet) information centre makes it likely his remarks reflect the thinking of China's leaders. There has been no official word on whether China has already devoted resources to Hong Kong. China has repeatedly pledged that the renminbi - not freely convertible and therefore shielded from speculative attacks - will not be devalued in spite of an increasingly poor export performance and a slowing rate of economic growth. "It is clear that the foundation for the stability of the renminbi now and in the future is quite solid," Mr Li was quoted as saying. He added that, if funds held by companies and individuals were added to the official reserves, China's supply of foreign exchange was about $220bn. Annual demand for the US currency was only $60bn, of which $40bn was earmarked to cover three months of imports and $20bn for foreign debt repayment. But on China's black markets, the renminbi has weakened to about RMB8.7 against the US dollar compared with the official RMB8.28 - evidence of modest anxiety that China could be forced to devalue. The unusual strength of Mr Li's criticisms of international fund companies echoed those of south-east Asian leaders, particularly Mahathir Mohamad, Malaysia's prime minister, who called them "liars with an axe to grind". He said: "It is believed that overseas liars could create more sensational rumours in the future to further their sinister intentions of speculation."