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Article: Hong Kong's markets stabilized: Intervention by China credited.(World)
- Article from:
- The Washington Times (Washington, DC)
- Article date:
- October 10, 1998
- Author:
CopyrightCOPYRIGHT 1998 News World Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Hong Kong Financial Secretary Donald Tsang this week hailed his government's recent intervention in the island's stock and futures markets as a move that has brought stability to those markets.
"Hong Kong has stopped the steep slide in stocks caused by rampant speculation against the Hong Kong dollar and the Hang Seng index earlier this summer," Mr. Tsang told reporters at the National Press Club Monday.
The intervention, which occurred in August, also represented a break with Hong Kong's policy of not meddling in its free markets, which have been the basis of the former British colony's prosperity. China took over Hong Kong from Britain in July ...