Around the World's Markets: Hong Kong

Friday 06 August 1999 00:02 BST

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STOCKS CLOSED sharply lower after a rumour of a Chinese air strike on Taiwan - denied by Taipei - caused rates to spike, prompting a general sell-off. The Hang Seng ended down 336.68 points at 13,254.34.

Dealers said US/HK forwards jumped after lunch on the air raid rumour, forcing interbank rates up by about 25 basis points across the board and alarming stock market investors already concerned that China might devalue the yuan.

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