Hong Kong showdown

Article Abstract:

The Hong Kong Monetary Authority (HKMA) seeks to protect the Hong Kong dollar from speculations in the foreign exchange market, driving the country's currency above its usual tight trading range versus the US dollar. The HKMA squares off with bankers and hedge funds, who believe that they are close to achieving a breakthrough in their efforts to drive down the value of the Hong Kong dollar as against the US dollar. Foreign-exchange speculators hope that rising rates of interest and a declining stock market will force the HKMA to break the currency's stringent peg to the US dollar.

Foreign Exchange & Reserves Policy, Analysis, Foreign exchange, Hong Kong, Monetary policy

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IMF letter has no deadline for end of baht controls: accord, recently released by Bangkok, also reveals that a big capital outflow is expected

Article Abstract:

The International Monetary Fund (IMF)letter of intent to the Thai government regarding its commitments in exchange for foreign credit contains no deadlines for the removal of government restrictions on the trading of the baht. The letter, 'Thailand - Memorandum on Economic Policies,' has earlier been thought to contain strong commitments but the absence of a deadline reflects IMF confidence on Thai economic policies.

Laws, regulations and rules, International Monetary Fund, Thailand, Economic policy, International relations, Thai foreign relations, Baht (Thailand)

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