When Hong Kong trounced the speculators
"Intervention to Save Hong Kong", as the title suggests, is not an entirely dispassionate analysis of the merits of the Hong Kong Monetary Authority's (HKMA) unprecedented use of purchases in the stock market to support its currency peg in August 1998. But neither is it a polemic. The book lays out a coherent and articulate case that, firstly, the speculative attack on Hong Kong's currency was waged in part through short sales of equities, and, secondly, the intervention by the government
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