Around the world's markets: Hong Kong

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The Independent Online
SHARES CLOSED sharply higher on hopes of possible G7 rate cuts and optimism over Japan's bank recapitalisation.

The Hang Seng index closed up 180.18 points at 7,744.72, while the rate Hong Kong banks charge each other for three-month loans dropped to 7.625 per cent, the lowest since 25 May, as the yen soared against the dollar.

The `Red Chip' index of Chinese companies listed in Hong Kong fell 0.8 per cent after the collapse of Gitic Enterprises.

Debt fears, page 22