Stiff upper lip prevails
Article Abstract:
Hong Kong brokers and investors reacted calmly to stock price falls in late Oct 1997. Three of Hong Hong's ten worst daily stock priced drops occurred in the same week. The link between the Hong Kong and US dollar was defended by the financial secretary, Donald Tsang. The Monetary Authority head, Joseph Yam, imposed penal rates geared to combat speculation against the Hong Kong dollar. The reaction to the financial instability showed evidence of British stoicism.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1997
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China/Hong Kong: the next stage
Article Abstract:
The Chinese economy saw a rise in inflation from 1993 to 1994 but a credit squeeze was imposed which has reduced the inflation rate. China may need to reduce interest rates to maintain growth and has also to find funds for infrastructure spending. Hong Kong's stock market has seen a rise in share prices due to reflation in China, but is also affected by US long bonds. This is due to the link between the Hong Kong currency and the US dollar.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1996
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