{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='HONG KONG: HANG SENG INDEX FALLS BUT INVESTORS OPTIMISTIC' data-url='/boclips/videos/5c54bb3fd8eafeecae123a5d' data-video-url='/boclips/videos/5c54bb3fd8eafeecae123a5d' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nHONG KONG: HANG SENG INDEX FALLS BUT INVESTORS OPTIMISTIC\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eEnglish/NatHong Kong's key stock price index, the Hang Seng, fell by three percent in early trading on Thursday, but later recovered to finish down just over 1 percent.Investors have been increasingly worried by Japan's weak yen, which...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eEnglish/Nat\u003cbr/\u003eHong Kong's key stock price index, the Hang Seng, fell by three percent in early trading on Thursday, but later recovered to finish down just over 1 percent.\u003cbr/\u003eInvestors have been increasingly worried by Japan's weak yen, which has encouraged fears that the peg between the Hong Kong and U-S dollars might be broken.\u003cbr/\u003eBut investors and economists gathered for an Asian financial crisis conference believe Hong Kong is in a strong position to ride out the worst of the Asian slump.\u003cbr/\u003eAs investors dumped shares amid worries of Japan's falling Yen, Hong Kong's Hang Seng Index dropped three percent soon after the morning session opened.\u003cbr/\u003eThe Index fell below the 8-thousand point benchmark on Wednesday following a record low for the Japanese Yen.\u003cbr/\u003eBut after the initial selling, bargain hunters emerged helping to cap losses in the benchmark index. The Hang Seng later recovered to finish down just over 1 percent. \u003cbr/\u003eAt an Asian financial crisis conference, economists said the recent financial turmoil has called into question the future of the Hong Kong-U-S Dollar peg.\u003cbr/\u003eIt is a policy which has brought Hong Kong prosperity since its introduction 14 years ago.\u003cbr/\u003eBut many are now questioning the policy because it has caused high interest rate in the property market, a backbone of Hong Kong's economy.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"Well as long as the tax system is maintained it will go on for quite some time and become increasingly painful.  I think one of the solutions for Hong Kong would be to essentially to abandon the tax system.\"\u003cbr/\u003eSUPERCAPTION: Marc Faber, economist\u003cbr/\u003eJohn Greenwood who introduced the U-S Dollar peg to Hong Kong, still holds his belief in keeping the policy.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"I think people who make that argument simply don't understand the mechanism that the currency board mechanism is extremely strong and durable, much stronger than the standard mechanisms of other Central Banks.  In the event of an attack on the currency, Hong Kong has hardly lost any reserves at all.  In fact throughout this whole period of the Asian crisis Hong Kong reserves continue to rise, so I don't think that Hong Kong is vulnerable or that the currency needs to be changed.\"    \u003cbr/\u003eSUPER CAPTION: John Greenwood, economist\u003cbr/\u003eDeputy Prime Minister of Thailand Supachai Panitchpakdi was among the many speakers who pleaded for cooperation among the international community.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"Recession in Asia will be turned into a worldwide depression.  Recession in Asia could very well be turned into a worldwide depression.  And this kind of message must be sent out.\"    \u003cbr/\u003eSUPER CAPTION: Supachai Panitchpakdi, Deputy Prime Minister of Thailand\u003cbr/\u003eFor his part, Hong Kong's Chief Executive Tung Chee-hwa once again reaffirmed that the Hong Kong U-S Dollar peg will not be removed and the Hong Kong dollar will not be devalued.\u003cbr/\u003eHong Kong - June 11, 1998 \u003cbr/\u003e1. Wide shot Hong Kong Stock Exchange\u003cbr/\u003e2. Traders working\u003cbr/\u003e3. Close up trader\u003cbr/\u003e4. Computer index board\u003cbr/\u003e5. Trading floor\u003cbr/\u003e6. Index board\u003cbr/\u003e7. Number indicator\u003cbr/\u003e8. Side shot trading floor\u003cbr/\u003e9. Financial crisis conference\u003cbr/\u003e10. Board reads \"Weathering the Storm\"\u003cbr/\u003e11. Mid shot panel\u003cbr/\u003e12. Set up shot of Marc Faber, economist on panel\u003cbr/\u003e13. Cutaway audience\u003cbr/\u003e14. SOUNDBITE: (English) Marc Faber, Economist\u003cbr/\u003e15. John Greenwood, economist speaking to press\u003cbr/\u003e16. SOUNDBITE: (English) John Greenwood, Economist\u003cbr/\u003e17. Thai Deputy Prime Minister Supachai speaking at conference\u003cbr/\u003e18. SOUNDBITE: (English) Supachai Panitchpakdi, Deputy Prime Minister of Thailand\u003cbr/\u003e19. Pull out from sign to Supachai speaking on podium\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details clearfix'\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eCurator Rating\u003c/dt\u003e\n\u003cdd\u003e\u003cspan class=\"star-rating\" aria-label=\"3.5 out of 5 stars\" role=\"img\"\u003e\u003ci class=\"fa-solid fa-star text-action\" 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class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eDate\u003c/dt\u003e\n\u003cdd\u003e1998\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003ci aria-hidden='true' class='fai fa-solid fa-language'\u003e\u003c/i\u003e\n\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eAudiences\u003c/dt\u003e\u003cdd\u003e\u003cspan\u003e\u003ca href=\"/search?audience_ids%5B%5D=371079\u0026amp;grade_ids%5B%5D=259\u0026amp;search_tab_id=1\"\u003eFor Teacher Use\u003c/a\u003e\u003c/span\u003e\u003c/dd\u003e\u003cdd class=\"text-muted\"\u003e\u003ci class=\"fa-solid fa-lock mr5\"\u003e\u003c/i\u003e2 more...\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='concepts-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='concepts-heading'\u003eConcepts\u003c/h2\u003e\n\u003cdiv class='clearfix'\u003e\n\u003cdiv class='details-list concepts' data-identifier='Boclips::VideoDecorator' data-type='concepts'\u003echina, time, monetary policy, currency, hong kong, korea, southeast asia, asia, economy, business, thailand, east asia\u003c/div\u003e\n\u003cdiv class='concepts-toggle-buttons' data-identifier='Boclips::VideoDecorator'\u003e\n\u003cbutton aria-expanded='false' class='more btn-link' type='button'\u003e\n\u003cspan\u003eShow More\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-down ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003cbutton aria-expanded='true' class='less btn-link' style='display: none;' type='button'\u003e\n\u003cspan\u003eShow Less\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-up ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='additional-tags-heading' 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