1997 Asian financial crisis - The HKMA and Donald Tsang, then the Financial Secretary, declared war on speculators
Time: Aug, 1997
Place: Hong Kong
Details: The HKMA and Donald Tsang, then the Financial Secretary, declared war on speculators. The Government ended up buying approximately HK$120 billion (US$15 billion) worth of shares in various companies, and became the largest shareholder of some of those companies (e.g., the government owned 10% of HSBC) at the end of August, when hostilities ended with the closing of the August Hang Seng Index futures contract.
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