“Hong Kong was built up by Chinese people, not the British.
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AZADPAKISTAN2009
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People of Hong Kong need to understand , Britain has given up control of Hong Kong to China and eventually Chinese rules will apply to "Hong Kong" because Britain has no interest in Hong Kong
The Land mass known as Hong Kong always belonged to China , it was temporarily given to British during various negotiations during the Opium Trade
The Land mass known as Hong Kong always belonged to China , it was temporarily given to British during various negotiations during the Opium Trade
Nan Yang
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Thanks for posting. I am old enough to remember what happen when Hong Kong was attacked by these western funds managers. It was tension crazy. Every morning i would check how much billions had been thrown into the fight by both sides. Eventually the western fund blinked and lost billions in penalties.
This is when China came in and support Hong Kong with it's billions in backup.
ASEAN should also be greatful that China did not devalue it's currency to match ASEANs currency.
umm...China do it because it will hurt Chinese stock market too, and if the Chinese have to choose a battle field, they would much rather fight soros in HKSE than any of the Chinese SE, because a.) China do not have that much liquid foreign reserve in China to fight Soros hedge fund, b.) the rule in China SE is different, and the only way they can do it is by devalue Yuan (Which they were eventually forced to do it by Trade War Pressure)
If given a choice, China would much like to prop Yuan up but not devalue it, because it will hurt domestic growth. Using 118 billions (or losing 118 billions) is way less consequence than devalue Yuan.
People need to know, back in 1998, Chinese economy is not as good as now, nor was their FX reserve. Hong Kong back in 1998 have about 60 billions USD FX ready reserve and China have around 150 to 200 billions (Conversive estimate), it may sound a lot in number (roughly 3 times) but China have more asset to guarantee, so that is basically not enough to cover all of them. First of all, if Soros defeated Hong Kong Currency, then the next bet would be Yuan (Soros really hated China) which mean either China can stand by and let Soros defeat Hong Kong's Currency and move on to China with his war spoil, or joint force to defeat Soros hedge fund.
What the Hong Konger did was to raise the interest rate sky high so any attack would bleed dry before coming back down, using the combine 200 billions FX to push the buy price high, while both side blew money, it's basically depends on who can last the longest. And Soros being a businessman did not engage in long term hedging, which mean he take a loss of 2 billions (On top of my head) and China/Hong kong go home losing 100 billions in inflated rate.
I would not say China won the currency war, because it did not bleed soros as much as they bleed Hong Kong and China FX, and that is the reason why today Chinese FX is at 2000-3000 billions level but not 200 billions.
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ChineseTiger1986
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HK was built by taking advantage from Mainland China.
When Mainland China was disconnected to the rest of world, HK took itself as the windows of opportunity.
Now Mainland China is becoming the world's most important and open to the rest of the world, HK will gradually fade into oblivion.
When Mainland China was disconnected to the rest of world, HK took itself as the windows of opportunity.
Now Mainland China is becoming the world's most important and open to the rest of the world, HK will gradually fade into oblivion.
ARMalik
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I have said it previously and I will say it again. It has been 22-Years since HK was handed to China. 22-Years is a long time, and China has been unable to get rid of the trouble-makers, Pro-Western spies from within the HK system. What you are seeing today in HK is a bad failure for China.
ChineseTiger1986
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HK is a double edge sword.
Bad thing can become good thing for China. Now CPC's approval rating among the Mainlanders is higher than ever. And all those pro-West factions within CPC are also getting purged because of HK's failure and trade war.
The current CPC is becoming immune to the color revolution.
The US is running out of option to beat China.
The Maoism is fully returning thanks to the insolence from Trump and his cabals.
The current USA is weak, they cannot play in full hardcore game with China.
Trump is too complacent, and completely oblivious about the current critical danger for USA.
ARMalik
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The US media are now saying that China is going into recession and is economically slowing down dramatically because of the trade war. How true is this news??
ChineseTiger1986
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The trade war indeed hurts China, but it is even more dangerous for USA because they are sitting on a larger than ever debt bomb that is waiting to implode.
The US media always making fun of China's total debt is 200-300% of its GDP, whereas the total debt of USA had already surpassed already 500% of its GDP back in 2014.
https://www.rt.com/usa/166352-us-total-debt-sixty-trillion/
China is doing all sort of countermeasures to slash the debt by reducing its GDP growth, and not to prop up the stock market too high.
China is risk averse, especially on the eve of a coming global financial crisis.
The current economic policy made by Trump and his cabals are absolutely suicidal, and when it completely bursts out of control, it is going to be extremely spectacular to watch.
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It seems Hong Kongers suffer from a post colonial Stockholm syndrome.
ChineseTiger1986
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The current HK cannot be salvaged, need to let it crumbling into dust then reborn from ashes.
I don't understand what you are trying to say as your tenses are all over the place. The reason why I shared the link is because (as you have admitted yourself) that China was not as strong of an economy as it is today and yet it came to Hong Kong's help, pumping that 118 billion to keep the HKD propped up. What this means is the China basically gave a handout to anyone holding the HKD (because the currency had devalued despite no correction taking place). This was a blessing for the people as their wealth was secured, even though the economy had slipped into recession.
If Soros wanted to target renminbi he would have as he was already shorting most South East Asian currencies. But he couldn't that is because firstly (as far as I know) the stock market was not open to foreigners. Secondly, any foreign investment (because of the first point) made was only fixed assets which are harder to divest especially during recessionary phase. The government had tighter control on FX which affected renminbi ability to convert into dollar.
I don't think the idea was to present one party as winning and the other losing. If you want to know the reason why China did it then perhaps a small part of it would be that they believed Hong Kong to be a part of China. But perhaps, the main reason was the HK economy was well integrated with China's and through its far more liberalized markets was spurring economic growth in China.
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