• myGriffith
    • Staff portal
    • Contact Us⌄
      • Future student enquiries 1800 677 728
      • Current student enquiries 1800 154 055
      • International enquiries +61 7 3735 6425
      • General enquiries 07 3735 7111
      • Online enquiries
      • Staff phonebook
    View Item 
    •   Home
    • Griffith Research Online
    • Journal articles
    • View Item
    • Home
    • Griffith Research Online
    • Journal articles
    • View Item
    JavaScript is disabled for your browser. Some features of this site may not work without it.

    Browse

  • All of Griffith Research Online
    • Communities & Collections
    • Authors
    • By Issue Date
    • Titles
  • This Collection
    • Authors
    • By Issue Date
    • Titles
  • Statistics

  • Most Popular Items
  • Statistics by Country
  • Most Popular Authors
  • Support

  • Contact us
  • FAQs
  • Admin login

  • Login
  • Not all currency traders believe in unfettered free markets: currency speculation and market intervention in Hong Kong

    Thumbnail
    View/Open
    19563.pdf (98.52Kb)
    Author(s)
    Liew, LH
    Wu, HX
    Griffith University Author(s)
    Liew, Leong H.
    Year published
    2002
    Metadata
    Show full item record
    Abstract
    Expectations and beliefs are important forces that can influence financial markets. Using results from a survey, this article examines the beliefs of currency traders in Hong Kong's financial institutions regarding the RMB and HK$/US$ pegs. In particular, it examines the attitudes of these currency traders towards the intervention by the Hong Kong Monetary Authority (HKMA) in Hong Kong's stock and futures markets to defend the HK$/US$ peg during the Asian crisis in 1998. Contrary to expectation, not all currency traders in Hong Kong were diehard devotees of the free market and more were in support of the intervention than ...
    View more >
    Expectations and beliefs are important forces that can influence financial markets. Using results from a survey, this article examines the beliefs of currency traders in Hong Kong's financial institutions regarding the RMB and HK$/US$ pegs. In particular, it examines the attitudes of these currency traders towards the intervention by the Hong Kong Monetary Authority (HKMA) in Hong Kong's stock and futures markets to defend the HK$/US$ peg during the Asian crisis in 1998. Contrary to expectation, not all currency traders in Hong Kong were diehard devotees of the free market and more were in support of the intervention than against. Degree of identification with Hong Kong was found to be important, influencing attitudes towards government intervention. An inference from the survey is that the intervention was popular with Hong Kong residents and that future intervention by the HKMA is likely if faced with similar speculative attacks on the HK$.
    View less >
    Journal Title
    The China Quarterly
    Volume
    170
    Publisher URI
    http://journals.cambridge.org/action/displayJournal?jid=CQY&bVolume=y
    DOI
    https://doi.org/10.1017/S0009443902000268
    Copyright Statement
    © 2002 Cambridge University Press : Reproduced in accordance with the copyright policy of the publisher : This journal is available online - use hypertext links.
    Publication URI
    http://hdl.handle.net/10072/7159
    Collection
    • Journal articles

    Footer

    Disclaimer

    • Privacy policy
    • Copyright matters
    • CRICOS Provider - 00233E
    • TEQSA: PRV12076

    Tagline

    • Gold Coast
    • Logan
    • Brisbane - Queensland, Australia
    First Peoples of Australia
    • Aboriginal
    • Torres Strait Islander