NORTH AMROTCAN UBNTA
DEACTION
TO THE
HONG KONG STOCK EXCHANGE'S CLOSURE
AND
SUBSEQUENT RESUMPTION OF TRADING
The closure of the Hong Kong Stock Exchange and 1ts aftermath attracted more Rodia coverage in North America than any other single Hong Kong story in recent years, including the signing of the Joint Declaration. In the period October 20 to November 6 alone, more than 3,000 press reports from throughout North America referred to Hong Kong; national and local radio and TV stations gave similar saturation coverage. This report includes
salient points from Some
the U.S. editions of the Financial Times and Economist but does
does not include the Far Bastern Economic Review which, it should be underlined, widely read and respected by Americans who have close business financial, political, academic and other connections with. Hong Kong and the Far East.
news
is
поте
2. The great majority of the reports were brief and factual However, and appeared in the metropolitan and regional press. stories published in the major, more influential newspapers,
megazines
longer, and business publications were detailed and, at the time, decidedly damaging. Of the four major newspapers in this country, the Wall Street Journal, New York Times, Los Angeles Times
Times and Washington Post, only the lest gave scant attention to the Hong Kong dimension of the world crisis. This is not altogether surprising
the Washington Post is oriented towards politics and government rather than business.
as
3. The "backlog of paper" explanation for closing was either not believed or was treated cynically; some major journals published reports of rumours that the Hong Kong market had been closed to minimise losses by Hong Kong Exchange officials and their friends.
4.
The closure of Hong Kong's markets was treated as a major,
the Wall Street separate
story by
reported
the
Journal and was
given
prominence by other important newspapers. The majority of less infuential journals
in the closure factually context of their coverage of the Crash on Wall Street and world markets. Radio and TV newscasts throughout North America included the sentence "Hong Kong was/remains closed" for the four days of the closure.
:
5. The "Lex" column of the US edition of the Financial Times stated
is "Hạng Kong
still the only market to have closed outright
The breakdown of the markets, and the ability to deal and hedge, is perhaps the most worrying development of the Dast two days". The II.S. edition of the Financial Times has a select but influential audience. This report does not detail the tone and flavour of its reporting and commentaries during the crisis OR the assumption that this will be covered from London.
/...2