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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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