Rafael Hui, secretary for Financial Services, Donald Tsang, Financial secretary, and Joseph Yam, HKMA CEO, meet the media on the evening of August 14, 1998 to explain steps they were taking to defend the city’s financial system against an ongoing attack by short sellers. Photo: Dustin ShumRafael Hui, secretary for Financial Services, Donald Tsang, Financial secretary, and Joseph Yam, HKMA CEO, meet the media on the evening of August 14, 1998 to explain steps they were taking to defend the city’s financial system against an ongoing attack by short sellers. Photo: Dustin Shum
Rafael Hui, secretary for Financial Services, Donald Tsang, Financial secretary, and Joseph Yam, HKMA CEO, meet the media on the evening of August 14, 1998 to explain steps they were taking to defend the city’s financial system against an ongoing attack by short sellers. Photo: Dustin Shum

Explainer |
Will protests trigger another war between stock and currency speculators and the Hong Kong government?

  • Stock market is bigger, more regulations are in place to prevent a repeat of 1998, when speculators tried to break Hong Kong
  • Short sellers would not have enough ‘bullets’ – money – to bring city to its knees, says head of de facto central bank
Topic |   Hong Kong Monetary Authority (HKMA)
Rafael Hui, secretary for Financial Services, Donald Tsang, Financial secretary, and Joseph Yam, HKMA CEO, meet the media on the evening of August 14, 1998 to explain steps they were taking to defend the city’s financial system against an ongoing attack by short sellers. Photo: Dustin ShumRafael Hui, secretary for Financial Services, Donald Tsang, Financial secretary, and Joseph Yam, HKMA CEO, meet the media on the evening of August 14, 1998 to explain steps they were taking to defend the city’s financial system against an ongoing attack by short sellers. Photo: Dustin Shum
Rafael Hui, secretary for Financial Services, Donald Tsang, Financial secretary, and Joseph Yam, HKMA CEO, meet the media on the evening of August 14, 1998 to explain steps they were taking to defend the city’s financial system against an ongoing attack by short sellers. Photo: Dustin Shum
READ FULL ARTICLE