Monitor

THE HONG Kong dollar has to be stabilised in order to maintain public confidence in the economy. Financial Secretary Sir Donald Tsang Yam-kuen stressed that the government was ready to continue the war against the speculators, who apparently have not yet given up the fight. Compounded by the unfavourable economic environment, and the negative GDP this year, confidence would have been shattered and the currency destabilised. Therefore, the market interventions have prevented the currency turmoil and upheld public confidence. Maintaining the stability of the currency is the most important target.

Sing Tao, China

THE HKFE'S new measures are aimed at increasing the costs of speculation and tracing the responsibility. But they may also break Hong Kong's reputation as a liberal fiscal market. Nonetheless, we still fully support the government's move. Protecting the dollar takes a higher priority than defending the reputation of the market. The government has to be forever vigilant in the absence of a detailed strategy to counter the speculators. We urge the government to quickly draw up such a plan.

Hong Kong Daily News

WHATEVER THE preference of individual governments, it has become clear to all that the rules of the game across Asia must be changed, in order to keep rapacious speculators at bay, and to maintain stability in economies. Over the weekend, Hong Kong went forward some way to changing these rules. It will now be much more expensive for speculators to wreak havoc here. These are welcome changes, though how effective they will be in containing those destructive elements remains to be seen.

Hong Kong Standard

NEW MEASURES should, to a certain extent, be able to inhibit speculative activities. Still, some HKFE members may not reveal the actual identities of the speculators. Thus the government may have to enact new laws to complement these measures. A higher deposit of HK$160,000 [pounds 13,000], for example, may be considered. Although these measures may scare off the investors, they are an essential step that would benefit the whole of society.

Sing Pao, China