| Abstract | The Hong Kong Monetary Authority, using the Exchange Fund resources, launched its first-ever defence of the local stock and futures markets on August 14, 1998 with a concerted intervention which drove the Hang Send Index 8.5 percent higher. While assuring the investing world that the government's "long-standing policy of non-intervention in the stock and futures markets remain unchanged," Financial Secretary Donald Tsang said the current move was aimed at safeguarding the Hong Kong dollar against speculative attacks. The article is the full text of Sir Donald's August 14 statement. |
|---|
