Why would people from China, the world's second-biggest economy, risk their lives to enter the UK?

[kankan326]

First, we used the opportunity to sell foreign reserves for Hong Kong dollars, in anticipation of the draw down of fiscal reserves deposited with the Exchange Fund, as the public finances moved into a cyclical as well as a seasonal deficit. This relieved some of the pressure on the exchange rate and therefore obviated the need for a repeat of the very sharp interest rate hike of 1997. The amount of foreign reserves utilised in this manner was about US$10 billion. Secondly, we sold large sums of foreign reserves for Hong Kong dollars for the purchase of Hong Kong stocks equivalent to US$15 billion. Thirdly, we made the monetary base much bigger in order to reduce the sensitivity of interest rates to inflows and outflows of funds. This involved committing another US$13 billion as additional backing.
...
It should also be noted that we were able to do so without causing a breakdown of confidence in monetary and financial management in Hong Kong on the part of the international financial community, including financial analysts and rating agencies. To a large extent, this was because we had significantly more foreign reserves in the Exchange Fund than the sums mobilised, and the Fund had no significant liabilities other than the fiscal reserves deposited there.

https://www.legco.gov.hk/yr00-01/english/panels/fa/papers/a1022e02.pdf

So the money directly needed here is: US $10b+US $15b+US $13b= US $38b ~ US $40b.

"It should also be noted that we were able to do so without causing a breakdown of confidence in monetary and financial management in Hong Kong on the part of the international financial community, including financial analysts and rating agencies. To a large extent, this was because we had significantly more foreign reserves in the Exchange Fund than the sums mobilised, and the Fund had no significant liabilities other than the fiscal reserves deposited there."---------Which means at least US $40b immboblized reserves were needed to maintain market confidence.

So to win the war, total reserves HK needed is >US $80b. And total reserves HK government had by then is >US $90b. Can we call this is a close win?

 

[Mista]

So the money directly needed here is: US $10b+US $15b+US $13b= US $38b ~ US $40b.

"It should also be noted that we were able to do so without causing a breakdown of confidence in monetary and financial management in Hong Kong on the part of the international financial community, including financial analysts and rating agencies. To a large extent, this was because we had significantly more foreign reserves in the Exchange Fund than the sums mobilised, and the Fund had no significant liabilities other than the fiscal reserves deposited there."---------Which means at least US $40b immboblized reserves were needed to maintain market confidence.

So to win the war, total reserves HK need is >US $80b. And total reserves HK government had by then was >US $90b. Can we call this is a close win?

They 'spent' only $25b, $13b was allocated as an additional backup. Which means to say that even after allocating for backup, they still had $50b+. It's still multiple times of their M1 (which they have already allocated the funds to backup); it's not a close win.

Where do you get $80b? Pulling out of your imagination again?

It's like I have $9, I want to borrow $3 and I use collateral of $1 to backup. You add them up and x2 =$8 and say that I'm over-leveraging.

It's all their own money and they carried out their battle plan. Mainland China, only slightly larger than Canada at that time, provided just pep talk and you think that's critical.

 

[kankan326]

Nope.

They 'spent' only $25b, $13b was allocated as an additional backup. Which means to say that even after allocating for back up, they still had $50b+. It's still multiple times of their M1 (which they have already allocated the funds to backup); it's not a close win.

Where do you get $80b? Pulling out of your imagination again?

It's all their own money and they carried out their battle plan. Mainland China, only slightly larger than Canada at that time, provided just pep talk.

You are really stubbon. Do you think they would spend $25b without $13 backup? The backup was also indespensible. $13b was actually utilized by HK government. And where is the immboblized reserves? $80b is the minimal number needed here.

In 1998, HK had $96.5b reserves. And China had $140b. World second largest one in that time. I just searched the numbers.

 

[Mista]

You are really stubbon. Do you think they would spend $25b without $13 backup? The backup was also indespensible. $13b was actually utilized by HK government. And where is the immboblized reserves? $80b is the minimal number needed here.

In 1998, HK had $96.5b reserves. And China had $140b. World second largest one in that time. I just searched the numbers.
View attachment 587620

You're the stubborn one. No understanding of how even financial markets work, as you admitted yourself, and you can come out with fairy numbers like $80b is the minimal number.

随便拍脑袋丢一个数字真容易。Why not x5 and say $200b is the minimal number.

In 1998, HK had $96.5b reserves. And China had $140b. World second largest one in that time. I just searched the numbers.

And what is China's reserves to M1 ratio?

There are good reasons why our exchange rate has remained so stable against such eventful background. Hong Kong's economic fundamentals are strong 2. We pursue sound macroeconomic policies. We have an impressive track record of fiscal discipline 3. In the last 14 years of the fixed exchange rate link, while most countries were grappling with fiscal deficits, Hong Kong has consistently run budget surpluses averaging 2 % of the GDP per year. Our fiscal surplus in the financial year 1997-98 was 5.8% of GDP. As a result, we have over the years built up strong fiscal reserves. These are deposited with the Exchange Fund which holds the foreign reserves of Hong Kong, including those backing the issue of our currency. As at the end of 1997, Hong Kong's foreign reserves stood at US$92.8 billion, which was the third largest in the world after Japan and the Mainland of China, providing not just 100% backing, but nearly 800% backing for the currency 4 .

https://www.hkma.gov.hk/eng/news-and-media/speeches/1998/03/speech_030398b/

If 800% backing is not enough, I don't know which country can defend their own currency.

Gosh, why am I even continuing this?

 

[kankan326]

You're the stubborn one. No understanding of how even financial markets work, as you admitted yourself, and you can come out with fairy numbers like $80b is the minimal number.

随便拍脑袋丢一个数字真容易。Why not x5 and say $200b is the minimal number.



And what is China's reserves to M1 ratio?



https://www.hkma.gov.hk/eng/news-and-media/speeches/1998/03/speech_030398b/

If 800% backing is not enough, I don't know which country can defend their own currency.

Gosh, why am I even continuing this?

All I counted was based on the the article you linked. Whatever. No need to talk any further on this topic.

 

[Mista]

All I counted was based on the the article you linked. Whatever. No need to talk any further on this topic.

Like what? Adding up the numbers and x2? If HK had $200b, would you x5 and say it's a close fight as well?

 

[kankan326]

Like what? Adding up the numbers and x2? If HK had $200b, would you x5 and say it's a close fight as well?

"It should also be noted that we were able to do so without causing a breakdown of confidence in monetary and financial management in Hong Kong on the part of the international financial community, including financial analysts and rating agencies. To a large extent, this was because we had significantly more foreign reserves in the Exchange Fund than the sums mobilised,"-----The mobilized is $38b-$40b. And immobilized is more than that.

 

[Mista]

"It should also be noted that we were able to do so without causing a breakdown of confidence in monetary and financial management in Hong Kong on the part of the international financial community, including financial analysts and rating agencies. To a large extent, this was because we had significantly more foreign reserves in the Exchange Fund than the sums mobilised,"-----The mobilized is $38b-$40b. And immobilized is more than that.

Yeah, so why x2? Why not x5?

 

[kankan326]

Yeah, so why x2? Why not x5?

I don't think we should talk it anymore.

 

[Mista]

I don't think we should talk it anymore.

Sure.

 

[lcloo]

This thread should be closed.

 

[Viva_Viet]

11 CHINESE NATIONALS FOUND HIDDEN INSIDE WASHING MACHINE, FURNITURE IN A MOVING TRUCK AT BORDER
By Khaleda Rahman On 12/10/19 at 12:05 PM EST
U.S. CRIMEIMMIGRATIONU.S.-MEXICO BORDER CBP

Eleven Chinese nationals have been found hiding inside furniture and appliances in a moving truck as part of a bid to be smuggled into the U.S. from Mexico, authorities said.

Officers from the U.S. Customs and Border Protection (CBP) thwarted the human smuggling attempt at the San Ysidro port of entry in San Diego, California, on Saturday, the agency saidin a news release.
https://www.google.com/amp/s/www.newsweek.com/chinese-nationals-found-hidden-furniture-border-1476488?amp=1

R they Vnese using fake CN passport again ...or they r real Cnese fleeing to US cos they cant survive under trade war??

 

[Khan_21]

They migrate because UK has one of the highest standards of living and China ia still developing. Big difference in HDI and overall quality of life.

 

[GS Zhou]

They migrate because UK has one of the highest standards of living and China ia still developing. Big difference in HDI and overall quality of life.

Hi man, the dead migrants are all from vietnam, not from China. The thread title is wrong and misleading.

All 39 people found dead in truck container were Vietnamese, British police say
Police in Vietnam and Ireland made three new arrests Friday in the sprawling investigation.

An aerial view as police forensic officers attend the scene after a truck was found to contain a large number of dead bodies, in Thurrock, South England, on Oct. 23, 2019.UK Pool via AP file


Nov. 2, 2019, 7:21 AM CST
By Associated Press


LONDON — British police say they believe all 39 people found dead in a container truck in southeast England last week were Vietnamese nationals.

Detectives initially said the victims discovered near the port of Purfleet were from China.

Essex Police Assistant Chief Constable Tim Smith said Friday that "at this time, we believe the victims are Vietnamese nationals, and we are in contact with the Vietnamese government."

He said police think they have traced the relatives of some of the dead.

A 25-year-old man from Northern Ireland, has been charged with 39 counts of manslaughter and conspiracy to traffic people. Another man was arrested Friday in Ireland, and two others in Vietnam.

Police in Vietnam and Ireland made three new arrests Friday in the sprawling investigation.

Two people suspected of organizing a people-smuggling operation in Vietnam were arrested in Ha Tinh province following reports from 10 families there of missing relatives, VTV television reported.

Col. Nguyen Tien Nam, deputy chief of Ha Tinh provincial police, was quoted as saying the suspects were directly involved in the case in which people paid smugglers to be taken to England and are now feared to be among the bodies found in the container.

Police said the suspects have been organizing people smuggling in the area for several years.

In Ireland, a 22-year-old man was arrested in connection with the Oct. 23 discovery of the bodies in what appears to have been a botched people-smuggling operation. Essex police in Britain, who issued the European Arrest Warrant on which he was arrested, started extradition proceedings to bring him to the U.K. to face charges of manslaughter.

A spokesman for the Dublin High Court said Eamonn Harrison, of Newry in Northern Ireland, appeared in court Friday. He was ordered detained until a hearing on Nov. 11.

The investigation is gathering speed, but authorities have thus far been unable to identify the victims or say exactly where they came from.

Police initially said the victims were from China, but the focus shifted to Vietnam when families there reported that they had not heard from loved ones who were in transit at the time.

In Britain, police have charged 25-year-old Maurice Robinson, also from Northern Ireland, with 39 counts of manslaughter and conspiracy to traffic people. They say he drove the cab of the truck to an English port, where it picked up the container, which had arrived by ferry from Zeebrugge in Belgium.

British officials have stepped up patrols in Purfleet, the English port where the container came in by ferry. They have announced an agreement with Belgium to allow more British immigration officers to be based in Zeebrugge.

British police on Friday asked two other suspects, Ronan and Christopher Hughes, to turn themselves in.

Police say they have already spoken to Ronan Hughes by telephone but want to talk to the two in person.

 

[Viva_Viet]

Hi man, the dead migrants are all from vietnam, not from China. The thread title is wrong and misleading.

All 39 people found dead in truck container were Vietnamese, British police say
Police in Vietnam and Ireland made three new arrests Friday in the sprawling investigation.

An aerial view as police forensic officers attend the scene after a truck was found to contain a large number of dead bodies, in Thurrock, South England, on Oct. 23, 2019.UK Pool via AP file


Nov. 2, 2019, 7:21 AM CST
By Associated Press


LONDON — British police say they believe all 39 people found dead in a container truck in southeast England last week were Vietnamese nationals.

Detectives initially said the victims discovered near the port of Purfleet were from China.

Essex Police Assistant Chief Constable Tim Smith said Friday that "at this time, we believe the victims are Vietnamese nationals, and we are in contact with the Vietnamese government."

He said police think they have traced the relatives of some of the dead.

A 25-year-old man from Northern Ireland, has been charged with 39 counts of manslaughter and conspiracy to traffic people. Another man was arrested Friday in Ireland, and two others in Vietnam.

Police in Vietnam and Ireland made three new arrests Friday in the sprawling investigation.

Two people suspected of organizing a people-smuggling operation in Vietnam were arrested in Ha Tinh province following reports from 10 families there of missing relatives, VTV television reported.

Col. Nguyen Tien Nam, deputy chief of Ha Tinh provincial police, was quoted as saying the suspects were directly involved in the case in which people paid smugglers to be taken to England and are now feared to be among the bodies found in the container.

Police said the suspects have been organizing people smuggling in the area for several years.

In Ireland, a 22-year-old man was arrested in connection with the Oct. 23 discovery of the bodies in what appears to have been a botched people-smuggling operation. Essex police in Britain, who issued the European Arrest Warrant on which he was arrested, started extradition proceedings to bring him to the U.K. to face charges of manslaughter.

A spokesman for the Dublin High Court said Eamonn Harrison, of Newry in Northern Ireland, appeared in court Friday. He was ordered detained until a hearing on Nov. 11.

The investigation is gathering speed, but authorities have thus far been unable to identify the victims or say exactly where they came from.

Police initially said the victims were from China, but the focus shifted to Vietnam when families there reported that they had not heard from loved ones who were in transit at the time.

In Britain, police have charged 25-year-old Maurice Robinson, also from Northern Ireland, with 39 counts of manslaughter and conspiracy to traffic people. They say he drove the cab of the truck to an English port, where it picked up the container, which had arrived by ferry from Zeebrugge in Belgium.

British officials have stepped up patrols in Purfleet, the English port where the container came in by ferry. They have announced an agreement with Belgium to allow more British immigration officers to be based in Zeebrugge.

British police on Friday asked two other suspects, Ronan and Christopher Hughes, to turn themselves in.

Police say they have already spoken to Ronan Hughes by telephone but want to talk to the two in person.

US just found some "rich" Cnese like you hiding inside the washing machine and trying to enter US.

What happen to Cnese while CN GDP is $$ 10,000 ++??? Why they still risk their lives to enter US like 58 dead Cnese in Dover in 2000 ??