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Old 21st October 2008, 05:33 AM
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HK elevating deposit war by providing full guarantee backed by govt reserve

A week ago, Hong Kong, i suspect, with either China's instigation or permission, declared guaranteeing $700+billion worth of local and foreign bank deposits (yes, includes Citibank HK offices), backed by $150 billion government reserves (and another $2 trillion from china, which wasn't mentioned by the media, but i assume will be tapped if necessary).

http://www.forbes.com/afxnewslimited...fx5549781.html

I have an inking this will escalate the banking crisis to the next level. The stakes in the deposit war has just been upped.
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