81.   For its part, the independent Central Bank is using interest-rate adjustments as its first line of defense against speculative attacks on the peso.

82.   He added the high forward rates in turn pushed interest rates higher, as dealers feared another speculative attack against the Hong Kong dollar.

83.   He also accused those behind speculative attacks throughout Southeast Asia of racism.

84.   He added that Hong Kong has the resilience and the strength to ward off any speculative attack.

85.   He added that going back to basics was a necessary move since the speculative attack on the Malaysian ringgit would be prolonged and the damage more permanent than expected.

86.   He said increases in interest rates are no longer effective in deflecting speculative attacks on the peso.

87.   He said the agreements provide the central bank with stand-by funds that can be tapped if the Philippine peso comes under speculative attack.

88.   He said the new liquidity tightening measure should be able to quell any speculative attack on the peso for the moment.

89.   He said there had been no speculative attack on the Hong Kong dollar in recent days.

90.   He has, however, blamed George Soros for the currency problem and the current economic situation caused by speculative attacks on the ringgit.