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Article: Hong Kong market slip a challenge to China
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- October 25, 1997
- Author:
CopyrightCopyright 1997 The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
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BEIJING -- When China announced last month it would launch
free-market reforms to save its failing state-owned enterprises,
officials here expected the fever that has gripped foreign investors
and the strength of Hong Kong's stock market to provide desperately
needed capital.
But Hong Kong's Hang Seng index took a record nose dive Thursday
and its currency came under renewed attack from speculators. Market
watchers began to worry that this volatility will undermine China's
efforts to overhaul its gargantuan socialist economy. It could also
test Beijing's promise to let Hong Kong run its own affairs in both
good times and bad.
Yesterday, Hong Kong's stock market rebounded, recovering more ...