Hong Kong’s financial secretary Donald Tsang, who successfully used market intervention to see off speculators, has warned his peers against overreacting to the threat posed by hedge funds.
He says governments shouldn’t hastily introduce regulations. Instead he suggests a softly- softly approach of greater transparency, disclosure and sharing of information among central banks, ahead of any regulation. He cautions against taking actions that might cut off capital flows.
Tsang is unrepentant about the Hong Kong government’s HK$118.1
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