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

To: Tom who wrote (2232)8/31/1998 1:31:00 PM
From: Ron Bower  Read Replies (1) | Respond to of 2951
 
Tom,

Just out.

biz.yahoo.com

IMO - Weakens HKMA actions, helps the hedge funds. Look for another falloff tomorrow as we see increased selling from this plus the fall of the US markets.

Implies bank weakness that I don't think is there, but I may be wrong. If they had a A+ and are lowering to A, they're a little late. Sure beats the ratings of others in Asia.

Ron




To: Tom who wrote (2232)8/31/1998 6:49:00 PM
From: Chung Lee  Read Replies (1) | Respond to of 2951
 
Tom, HKMA had US$96B reserve before intervention, it spent 16B since, so it has 80B left, still a lot, doesn't the reserve serves as sort of like a collerteral to HK$ issued? If it keeps spending the US$ reserve, wouldn't it at some point affects the support and confidence in the HK currency itself?


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