How are the Asians dealing with our financial mess? With big bucks and bold moves.
The Bank of Japan isn’t worried about the fallout from our financial mess. “I am not concerned that the recent events will destabilise the financial system in Japan,” said the bank’s governor and agreed with the Federal Reserve on a dollar-yen swap agreement worth up to $60 billion and left the door open for more help.
The Hong Kong Monetary Authority injected $200 million of liquidity and dropped its one-month interbank rate to 3.69% from 4.83%.
The Chinese government canceled the stamp duty on stock purchases and pledged government money to buy shares to support the market. This is the first time in the 18-year history of China’s modern stock market that the government has used government money to support the market.
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