Your intervention in the Hong Kong stock market was condemned almost universally six months ago. Now, according to our poll [see box], it has widespread support. Does that surprise you?
Let's put that in context. You said universally condemned. It was a very popular move in Hong Kong. It stabilized the market almost immediately. It also reassured long-term investors that this wasn't a Wild West market.
When I travelled in Europe and the US two months after our incursion in the market, I frankly found all my central bank and finance minister colleagues concurred with my moves. But you are also right to say there were lots of foreign critics of what we did at that time. Times have changed.
You have long been a market fundamentalist. Do you now accept that markets have limits and require intervention?
I am still a market fundamentalist, but I also believe there are...
