The Wall Street Journal, 17 Oct 2008, PETER STEIN
HONG KONG -- Authorities in Malaysia and Singapore announced they would guarantee all foreign-currency and local-currency bank deposits after a similar guarantee by Hong Kong on Tuesday led to outflows of money from elsewhere in Asia and into the territory.
The moves are likely to put pressure on other governments in the region to follow suit to prevent an exodus of cash to banking systems covered by the guarantees.
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