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To: marginmike who wrote (16286)	10/11/1998 4:16:00 PM
From: Jon Koplik	Read Replies (2) \| Respond to of 152472

IF the Chinese devalue (and I find it very difficult to believe that you (or anyone else here on the thread) are in a position to know people who actually know something about China's plans whether or not to devalue) ... then, the best guess is more deflationary trends (competitive devaluations in other countries, more real (or threatened) defaults on loans, falling commodity prices, etc.) ... implying no need for high U.S. interest rates. Eurodollar futures are based on 91 day U.S. dollar CD rates at an offshore (typically European) bank. (e.g., Citibank London, or Chase London) (banks NOT subject to U.S. Federal Reserve reserve requirements). Go to the Chicago Merc's website cme.com and there is probably some good info. on Eurodollar futures in there somewhere. Jon.