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  "documentTitle": "Hong Kong Dollar / Hong Kong Monetary Authority (HKMA) (HKD)",
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  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2011-09-14 00:00:00",
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      "text": "The proposed scheme appears to be the only practical method of stabilising the exchange rate at this time.",
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      "text": "24 If the decision is taken to proceed, it is envisaged that the new arrangements would be announced by the Financial Secretary on the evening of Thursday 13 October. The following day is a bank holiday in Hong Kong.",
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      "text": "28 The proposed scheme appears to be the only practical method of stabilising the exchange rate at this time. Its introduction would shift the burden of confidence crises onto banks and borrowers and thence asset prices, instead of onto the exchange rate.",
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      "text": "25 A recurrent theme in this memorandum has been the importance of the presentation of the scheme to the public. The Financial Secretary proposes to deliver a carefully prepared statement, followed by a press conference on Thursday evening.",
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      "text": "26 In order to avoid any complaints by (or against) the note-issuing banks to the effect that the scheme was unduly costly, (or beneficial) to them, they will arrange that all other banks draw or surrender notes to them on exactly the same payment basis.",
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      "text": "27 The initial public reception to a measure designed to stabilise the exchange rate is expected to be favourable. The success of the scheme depends, however, upon later financial reactions which cannot be predicted.",
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