turning point?

[Dennis R Redmond]

On Fri, 21 Aug 1998, Doug Henwood crossposted from Richard Medley:
> 
> Instead of more belt-tightening and free-market rigor, Asian nations, led
> by Hong Kong -- not Malaysia -- and Russia are experimenting with ways to
> fight speculators and slow capital flows. There is open talk of setting up
> an Asiawide government-controlled "hedge fund" to fight back against
> speculators in the futures and currency forward markets. Hong Kong, Taiwan
> and Malaysia all set out to do that on their own this week and the result
> was significant losses for traders who were short the stock markets in
> those countries. 

They did? Whoa -- the East Asian currency unit may yet be born in front of
our very eyes. Anyone have more detailed info on these interventions? I
heard that HK spanked speculators via stock repurchases, and I'm sure
Singapore is backing Malaysia to the hilt, but what's the deal with 
Taiwan?

-- Dennis