City & Business: A great day for the merchants of doom
Sunday 31 August 1997
Of particular interest will be the behaviour of the Hong Kong markets and currency, both of which have been seen as safe havens amid stormy waters, but have instabilities of their own to contend with - particularly the Hong Kong dollar's peg to the US dollar, which currency speculators have often dreamt of breaking only to be defeated by deep-rooted confidence.
But does the Asian crisis, precipitated by some of the region's economies trying to run before they could walk, and fuelled by the current holder of the world foot-in-mouth award, Malaysia's prime minister Dr. Mahathir Mohamad, really matter to Britain? More importantly, will the world end if you do not read the "whither the ringgitt?" op-ed piece that is bound to appear in this week's financial press?
The answer, sadly, is that the ringgitt, and indeed all the other curiosities of East Asia's economies, including the irrepressible Dr. Mohamad, matter more to you and me now than they ever did.
Never mind the fact that our pensions, and indeed some of our active investments are linked to the health of Asia's stock markets. A lot of British jobs now ride on export contracts to Malaysia, Thailand, Indonesia and the Philippines.
In the long term this is no bad thing, considering that the region will eventually fulfill its promise as a world economic power comparable to that of the EU. If British exporters and capital goods manufacturers were not involved, we would be demanding to know why. But the price of this commitment will inevitably be the scaling back of those business links in the short term, and therefore a short-term hit on some UK businesses' profits. If we are to play the long-term game, it is an acceptable price.
- 1 Katie Hopkins gives rare glimpse of sensitive side with heartfelt open letter to her children penned in case she dies from epilepsy
- 2 Rihanna's Met Gala dress took one Chinese woman 2 years to make, was reduced to omelette meme in 2 seconds
- 3 Top Gear: Jodie Kidd, Philip Glenister and Guy Martin 'in advanced talks' to replace Jeremy Clarkson and co
- 4 #JeSuisEd: People share photos of themselves eating awkwardly in solidarity with Labour leader
- 5 Women think Irish men are the sexiest, survey finds
Italian police 'reveal' what Jesus looked like as a young boy
Mysterious 'X-Files' sounds heard miles above the Earth
Florida couple forced to register as sex offenders for having sex on public beach
Who should I vote for in the general election? Take The Independent's interactive quiz to find out which party is the right choice for you
General election: Conservatives mocked online over Boris Johnson's claim of SNP 'jockalypse'
In defence of liberal democracy
General Election 2015: Post-election 'shambles' looms as 70 per cent of voters say SNP 'should not be able to veto UK government policies'
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
General election live: SNP suspends two members for disrupting Labour rally
General Election 2015: Sturgeon claims Scots 'appalled' by Ed Miliband's refusal to work with SNP
iJobs Money & Business
£60000 - £70000 per annum + benefits : Ashdown Group: A highly successful, glo...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
£27 - 35k + Bonus + Benefits: Guru Careers: A Management Accountant is needed ...
£40-50k + Benefits.: Guru Careers: A Project Manager / Business Analyst is nee...