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Thursday, March 16, 1972
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BARGAINING POSITION ON ECONOMIC ISSUES
One Advantage Of Diversification Of Reserves
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The Hon. G.M.B. Salmon said today there might well be advantages from diversification of the Colony's Sterling reserves bearing in mind the appreciation in value had Hong Kong held Deutchmarks or Yen. Yen.
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gislative Council
He made this comment in the Legislative Council today when the
debate on the Budget was resumed. The speaker before him, the Hon. Q.W. Lee,
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had dwelt in detail on Hong Kong's reserves position and the changing
character of the United Kingdom Sterling guarantee.
pointed
Mr. Salmon pointed out that diversification of the Colony's
roservos would give Hong Kong a bargaining position on economic issues elsewhere.
He did not know whether Hong Kong's substantial reserves in London
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had been used for bargaining purposes in the textile negotiations with the British Government in January, he said.
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But Hong Kong had full reason to be badly shocked and disappointed over the short notice of the quota controls in the United Kingdom and he hoped the Financial Secretary would keep the Council advised of developments,
he added.