Word: dollarization
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Dates: during 1980-1989
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...countries. While the Chinese dragon and the British lion have been warily circling each other, the world's third-largest financial center has responded to every shift in the bargaining like a sampan in a typhoon. As uncertainty over Hong Kong's future mounted, untold billions of dollars left the colony; foreign consulates have been flooded with visa applications from jittery locals, businessmen in particular. The value of the Hong Kong dollar fell 40% last year, as did the price of choice properties. The Hang Seng stock market index, perhaps the most vivid thermometer of economic faith...
...preservation of all the rights and freedoms which the people of Hong Kong now enjoy'' would be entailed. The colony would keep its legal, educational and financial systems at least until the year 2047; residents would still be permitted to travel and trade freely; the Hong Kong dollar would remain convertible on the world currency markets. Although China would be in charge of defense and foreign affairs, Hong Kong would be responsible for controlling its trade as well as Asia's largest free port...
Depositors and employees of Continental greeted the rescue with relief, even though it was the last thing they wanted a few months ago. While many customers have fled the bank, others have stuck with it out of loyalty. Says Donald Romans, vice president of Bally Manufacturing, a billion-dollar customer: "We will support Continental as long as it is able to support our business." Some fallen-away depositors like the Kemper Money Market Fund, which last May stopped buying Continental's certificates of deposit, are thinking about returning. Said Kemper Portfolio Manager Frank Rachwalski...
LATIN AMERICA. American tourists in Mexico are finding that the drop in the value of the peso, from 23 to the dollar in 1980 to about 190 today, has more than offset inflationary price rises. A room in the El Mirador Acapulco that went for $38 last year now costs just $16. The Mexico City subway fare is only one-half a U.S. penny, and 65? pays for a movie ticket. But swank shops in Mexico City's so-called Pink Zone can fool the unwary. For his $50 the tourist may get only imitation Gucci shoes, but real...
...EAST. Even though the yen has fallen 9.9% against the dollar since 1980, Tokyo remains an expensive place to visit. "I haven't found anything cheaper in Japan," snapped a visitor from Ohio. Dinner at a good Tokyo steak house runs about $24, up $8 from 1980. Nor are electronic wares or other Japanese specialties particularly cheap. American shoppers are finding that high-quality Japanese cameras cost about as much in Tokyo as in New York City. But many travelers say that they did not go to Japan for the bargains. One survey found that most Americans were attracted...