Word: colmley
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...Tung?s defense of the currency is what drove markets down before ? and if push comes to shove, he will do so again, since Hong Kongers tend to value their currency more than they value their stocks. "Let the peg go," says TIME Asia correspondent John Colmley, "and the basis of the Hong Kong economy collapses." Even $85 billion may not be enough to defend it, he warns, if currency vultures like George Soros move in. So hang on to your seat belts: Messrs. Hang Seng and Dow Jones could be in for another one of their bumpy rides...
...rally at all is sure to help Hong Kong chief executive Tung Chee-hwa sleep a little easier with his determination to uphold the former colony's ailing currency pegged to the U.S. dollar. This was vital for property and banking interests ? which means, as TIME Asia correspondent John Colmley says, "people have been prepared to take the hit for the currency peg. If that were to go, you'll see them jumping out of windows all over town...
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