Word: tung
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...course, such a powerful rally does not wipe out Asian economic woes at a stroke. "Nobody's out of the woods just yet," Kadlec adds. "There are fundamental problems in the Asian economies that haven't gone away, and that are not going anywhere." Tung Chee-hwa, Hong Kong's Beijing-appointed chief executive, still intends to protect the former colony's currency peg of around eight HK dollars to the U.S. dollar ? and he's got $85 billion in gold reserves with which...
...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...
...Hong Kong leader Tung Chee-hwa, meanwhile, drew a line in the sand for speculators, vowing the Hong Kong dollar's 14-year peg to the U.S. dollar is rock solid. He noted that the territory has US$88 billion in foreign reserves to defend its currency...
TIME Washington correspondent Dean Fischer observes that Tung has yet to be tested on the toughest takeover issues, such as anticipated press scrutiny of Premier Li Peng or China's crucial 15th Communist Party Congress. "He hasn't had to confront a real choice on an issue that would help Beijing and hurt the people of Hong Kong," says Fischer...