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June 11, 2007
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Lucky numbers
The people in charge of the economy are captains of economics, using science and precision to guide the lives of millions....right? Perhaps not, says our very own Sir Don: The stock market would have collapsed and banks forced to raise interest rates by 50 percent had the government not stepped in with HK$120 billion in 1998 to force speculators to retreat, said Chief Executive Donald Tsang Yam-kuen...Many foreign speculators had expected us to fight till the Hang Seng Index had climbed to 10,000 points, but we decided to make a sudden halt at 7,800, which was proposed by [Monetary Authority chief executive] Joseph Yam Chi-kwong and Hui, who insisted such a move would give us good luck as the Hong Kong dollar is pegged to the greenback at HK$7.80."...Thank God the peg isn't at 2. posted by Simon on 06.11.07 at 08:07 AM in the Hong Kong economy category.
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