41.   The recent Asian turmoil began when Thailand stopped pegging its currency to the dollar.

42.   The territory typically shadows U.S. monetary policy because its currency is pegged to the U.S. dollar.

43.   There is also the concern that Argentina might have to abandon its monetary policy of pegging its currency to the dollar, which has kept inflation low.

44.   They include countries, such as Argentina and Hong Kong, whose currencies are pegged to the dollar.

45.   They can also cause rates to rise in Argentina, where the peso currency is pegged to the dollar, making it more expensive for companies to raise financing.

46.   Those countries peg their currencies to the mark.

47.   To discourage the practice, Rubin would, with caveats, deny large bailouts to countries that peg their currencies.

48.   A move in U.S. interest rates is usually matched by Hong Kong banks because the Hong Kong currency is pegged to the U.S. dollar.

49.   All other currencies were pegged to the dollar.

50.   Analysts said the government would do better if it devalued the pound and reformed its system of pegging the currency.