Word: kong
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...money markets were so roiled it became expensive for any trade to be done at all in dollars. "What precipitated [China's swap agreements] was the collapse of Lehman Brothers and the worries over trade financing at that time," says Johanna Chua, a regional economist with Citigroup in Hong Kong. "If the dollar is extremely volatile it costs more to hedge...
...ringgit, to pay for its purchases. Because it no longer has to pay a bank a fee to convert ringgit into dollars, transaction costs are reduced. Similarly, a Chinese company buying Malaysian palm oil can make its purchases in yuan. (Read about the economies of South Korea, Taiwan, Hong Kong and Singapore...
...significant drawbacks for companies taking this route, however. A Malaysian company accepting yuan as payment would have few reasons to hold the currency, which is not fully convertible. "Even if you could own the yuan through these swaps, what would you do with it?" asks Mark Matthews, a Hong Kong-based strategist for Fox-Pitt Kelton Securities. Yuan holders can invest their excess savings in Chinese securities, but only up to a point. The Chinese government said on Dec. 9 that it will triple the amount of domestic securities qualified foreign funds are allowed to purchase...
...Hong Kong isn't known as a city of swingin' hepcats, but it does play host to a small, surprisingly busy jazz scene and a newly launched international jazz festival. It's against this homespun backdrop that the album Raw Jazz emerges, with a kind of indomitable energy that's entirely fitting for the place in which it was born. Introducing Singaporean vocalist Hanjin Tan, a producer and composer of Cantonese pop by day, this low-frills, high-moxie album is a collection of 11 jazz standards, each recorded in a single take along with the help of local jazz...
...HONG KONG Michael Kors' beaded tunic ($573) stands out in the Landmark shopping complex