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Hong Kong Monetary Authority

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BUSINESS
November 16, 1992 | From Times Staff and Wire Reports
Head of New Monetary Authority Named: The government has named Joseph Yam the chief executive of the yet-to-be-formed Hong Kong Monetary Authority. Yam, 45, was director of the Office of the Exchange Fund. The Monetary Authority, which will combine the work of the Office of the Exchange Fund and the Office of the Commissioner of Banking, will be Hong Kong's equivalent to a central bank. Yam will plan for establishment of the authority pending the approval of necessary legislation.
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BUSINESS
November 16, 1992 | From Times Staff and Wire Reports
Head of New Monetary Authority Named: The government has named Joseph Yam the chief executive of the yet-to-be-formed Hong Kong Monetary Authority. Yam, 45, was director of the Office of the Exchange Fund. The Monetary Authority, which will combine the work of the Office of the Exchange Fund and the Office of the Commissioner of Banking, will be Hong Kong's equivalent to a central bank. Yam will plan for establishment of the authority pending the approval of necessary legislation.
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BUSINESS
September 17, 1998 | Bloomberg News
The Hong Kong Monetary Authority was wrong to buy stocks on the Hong Kong market in an effort to prop up the equity market, Federal Reserve Board Chairman Alan Greenspan said. "They won't succeed," Greenspan told members of the House Banking Committee. "And it erodes some of the extraordinary credibility the Hong Kong monetary authorities achieved over the years." Hong Kong's benchmark Hang Seng index has risen 8.8% during the last month, as the Hong Kong Monetary Authority spent at least $12.
BUSINESS
October 17, 1994 | From Reuters
For more than a decade, the value of Hong Kong's dollar has been tied to the U.S. dollar, but with the British crown colony set to revert to mainland Chinese rule in mid-1997, some are wondering if the "Chinese dollar" will survive. In recent weeks, bankers and officials from Hong Kong and China have echoed each other's praise for the 11-year-old relationship which has kept rock solid the currency exchange of 7.8 Hong Kong dollars per U.S. dollar.
BUSINESS
January 11, 1999 | From Reuters
Central bankers from several continents gathered Sunday to start the first governor-level meeting convened at Hong Kong's new regional office of the Bank for International Settlements. At least one delegation intends to raise the issue of creating a single Asian currency. "The subject the governors will discuss is essentially whatever is on their minds," BIS General Manager Andrew Crockett told reporters in a media briefing during the weekend.
BUSINESS
August 31, 1998 | From Bloomberg News
Hong Kong's Hang Seng stock index plunged as much as 6.2% in early trading today as the government drew back from a two-week buying binge aimed at hurting speculators who were betting against the city's stocks and currency. Japan's Nikkei-225 index rebounded from a 12-year low reached Friday, while South Korean stocks rose on government plans to stimulate the economy.
BUSINESS
October 18, 2007 | From Times Staff and Wire Reports
The recent frenzy to get into the Indian stock market briefly turned into a frenzy to get out Wednesday, driving a key share index down more than 9% after the government moved to curb some foreign cash inflows. The Sensex index on the Bombay Stock Exchange sank 1,744 points, or 9.2%, early in the session, then rebounded to close with a loss of 336 points, or 1.8%, at 18,715.82.
BUSINESS
January 4, 2001 | From Associated Press
Surprised by the speed and size of the U.S. interest rate cut Wednesday, traders pushed many Asian stocks higher early today--but their enthusiasm was tempered by worries it will take time for lower rates to help the global economy. Tokyo blue chips finished with a loss after surrendering an early gain of 1.4%. The 225-issue Nikkei index fell 0.7% to close at 13,691.49 in an abbreviated post-holiday session.
BUSINESS
May 13, 1998 | From Times Staff and Wire Reports
U.S. stocks ended mixed for a second session Tuesday, even though bond yields eased. In Asia early today, meanwhile, stock markets were sharply lower after Indonesian security forces killed at least six students at an anti-government rally in Jakarta on Tuesday. Indonesia's main stock index fell 3.9% in early trading, to 414, as the country's currency, the rupiah, plunged to 9,850 to the dollar from 9,200 on Tuesday.
BUSINESS
May 13, 1998 | From Times Wire Services
Stocks hitched a late ride Tuesday on a rally in bonds that eased interest rate fears, and the dollar jumped against Japan's yen. Cocoa prices bubbled to five-month highs following forecasts of a drawdown in world supplies this year, and cotton prices rose on U.S. Agriculture Department crop estimates. The Dow Jones industrial average rose 70.25 points to 9,161.77.
NEWS
August 25, 1998 | MARK MAGNIER, TIMES STAFF WRITER
It's a measure of the rising frustration among some Asian governments that they have begun fighting their economic crisis with a strategy that hardly anybody in the world thinks will work: using public funds to buy stocks in a bid to shore up their plunging markets. In pitting government bureaucrats against professional traders, the practice is liable to deplete vital national assets, undermine legitimate investors and even encourage dirty dealing across the region, critics say.
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