Financial markets shared Wall Street's relief that Brazil was not digging in for a protracted battle over its currency, and there was no sign of a speculative attack against the Hong Kong dollar.

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It could be the Hong Kong Bank of China, a private commercial bank, which is already issuing dollar-linked banknotes in Hong Kong, which circulate alongside banknotes from the government and other private banks.

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Through his children, he was introduced to Steven Hanke, an American economist who believes that the way to restore confidence in Indonesia's economy is through pegging the rupiah to the dollar by means of a currency board, as Hong Kong, Argentina, Bulgaria and others do.

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The yen traded near 96.6685 against the dollar as of 5:07p.m. in Hong Kong.

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HSBC, a London-based banking group with large interests in Hong Kong, switched its reporting from sterling to American dollars on the ground that the majority of its revenues are in the greenback or currencies linked to it, such as the Hong Kong dollar.

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This does not mean that either the Hong Kong dollar or the yuan are out of the woods.

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The Gulf States of the Middle East and Malaysia also have a dollar peg, as does Hong Kong, Macau and, surprisingly, Venezuela and Lebanon.

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Some money-watchers have suggested that while Hong Kong continues to publicly stand by the linked-exchange rate peg of its currency to the U.S. dollar, behind the scenes it may be looking for alternatives.

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