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The Financial Times Thursday November 21 1968
Hong Kong sterling balances guarantee
BY OUR OWN CORRESPONDENT
THE ARRANGEMENTS 10% ja ef the pound for 90 per seat of the force to protect Hong Kong's resemias,
sterling reserves against any further
devaluation of the pound were out Private holdings
lined in detail by Sir John Cowper thwaite. the Colony's Financial Secretary, to-day
Under the Busle facility Meng Kong will enjoy the same guarunt tees of the value of its reserves held in London, estimated 1350m, as other members of the Since the Over sterling arca.
Hora whelming proportion Kong's foreign exchange reservus are invested in sterling (and the Colony has not obtained the right to switch into other currencies) the Basle facility offers Hong Kong full jcover against a change in the Parity
Brisan has agreed to apgTOVÝ logskutan jarroduce by the Finan di Samury today to make it parsible on the Government th horrow juc over $3 m. far thà exchange fund, whien will ther coucí så per: of the official reserves urour this Beth agreement. This sones one of the special problems thu the colony has faced in pro- teching its resemes: the fact that invested just under halt the Hong Kong
foreles TASCTVEN
divvely by locd commercial banks on their own account in tandon,
fal
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22NOV 1358
налото HKX 7/6
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