October 24, 1997

This weeks attack on the Hong Kong dollar underscores a number of issues in international finance and monetary policy. Foreign-exchange speculators sense that Hong Kong may be ripe for an attack that will result in an unhinging of Hong Kongs currency from the U.S. dollar. The assault will test the will of the Hong Kong monetary authorities. If the Chinese decide to repeg (devalue) the Hong Kong dollar, particularly so soon after taking control of the area, the repercussions could be grave.

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