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Article #25452

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#25452
From: Bill
Date: Sat, 15 Aug 1998 00:00
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In one crass move today, Donald Tsang, Hong Kong's finance secretary
orchestrated a move whereby an estimated 3 billion HK dollars of public
money was used to buy stocks purportedly to support the currency against
speculators allegedly arbitraging between the equity market and HIBOR
forwards.

In one fell swoop, this nervous little man with his spotted bow tie has
undermined Hong Kong as a global financial centre embracing free
market principles - possibly egged on by the billionaire powerbrokers in
the property development bubble industry here, whose wealth is
threatened by falling asset values.

Ignoring long-past US history and more recent Thai and Malaysian
attempts at the same, which all failed, Tsang and his associates have
spent (and have said will continue to spend) public money in an arrogant
declaration of open market manipulation.

Professional and private investors alike must now ask the question
of whether their investment decisions in this market are ever likely to
enjoy a level playing field while he remains at his post?

These are the facts. The conclusion must be yours.
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From: "Bill" <bs134385@skynet.be>
Subject: only for info
Date: 1998/08/15
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