With the European money crisis causing confusion in the world's financial capitals, no such thing was happening in Hong Kong.
With the European money crisis causing confusion in the world's financial capitals, no such thing was happening in Hong Kong. This is because the British colony is a free money area and therefore accustomed to fluctuating rates.
Banks and money-changers reported business as usual today (Monday), although some firms were refusing to sell the West German mark - apparently waiting for it to find its real value when it is floated on the European market today.
However, all dealers were eagerly buying the mark. The price was only a fraction above the rate before West Germany decided to float its hard-pressed currency.
While the banks and money-changers took the crisis in their stride, it was a different story for Hong Kong businessmen. Many transactions between Hong Kong and the Common Market countries have been halted until the financial situation becomes clearer.