Foreword / Charles Goodhart -- Currency on the skids -- Time to blow the whistle -- Monetary downturn compounds trade woes -- Hong Kong's financial crisis -- history, analysis prescription -- How to rescue the Hong Kong dollar -- three practical proposals -- The stabilisation of the Hong Kong dollar -- The operation of the new exchange rate mechanism -- Why the HK$/US$ linked rate system should not be changed -- Adjusting to the link -- Negative interest rates -- a comparison of the Hong Kong and Swiss schemes -- Intervention replaces arbitrage -- the July package of monetary measures -- The impact of the Tiananmen Square incident on Hong Kong's monetary system -- Epilogue
Summary
This book covers the origins of Hong Kong's currency crisis in 1983, the initial resolution of the crisis by creation of a currency board, the subsequent problems leading to the Asian financial crisis of 1997-98, and the later reforms. The Epilogue traces Hong Kong's monetary developments between 1990 and 2005
Notes
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