Speculators should be named and reprimanded to stop attacks on the Hong Kong dollar, non-affiliated legislator Bernard Charnwut Chan said yesterday. Mr Chan, who is to table a motion in Legco about attacks on the currency, said intervention was necessary if the market was being manipulated so much that normal business was being hurt. 'Of course, we don't want intervention, but we cannot use a perfect market formula because we are not in a perfect market.' He added that the protection of the dollar peg was important to maintain public confidence and said officials were not bold enough to send a clear warning to speculators. Everyone in the industry knew who the speculators were, he said. 'Unless public confidence is rebuilt, it is useless for the Government to propose any scheme to revive the economy or develop new industries,' Mr Chan said. 'It's groundless to worry about the departure of foreign investors as a result of the Government's intervention. 'As long as Hong Kong markets facilitate profit-making, foreign investors would not pass up opportunities. Politicians and speculators all have short-term memories,' Mr Chan said. In the long run, he urged the administration to consider changes in the futures market to prevent abuse. The motion, to be debated on September 9, urges the Government to adopt 'strategic and effective measures' to deter speculative attacks on the currency. The measures must aim to 'protect the integrity of the local capital markets, while maintaining investors' confidence and market stability'. A government spokesman said the administration did not want to comment until the motion was tabled. But Chan Kam-lam, of the Democratic Alliance for the Betterment of Hong Kong, said threatening speculators might not work. 'As long as there are loopholes in the markets, speculators will come,' he said. Ronald Arculli, Liberal Party vice-chairman, agreed that the Government should act, but said it would be difficult to condemn speculators unless they were breaking the rules.