IMMEDIATE
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REF.
48A
PA
1/2011
(FRD)
TO IMMEDIATE GOVERNOR HONG KONG TELNO 693 OF 16 JULY 1973.
YOURTEL NO 775: STERLING AGREEMENT.
1. WHILST WE UNDERSTAND THE PROBLEMS YOU ARE NOW FACING, YOU
WILL APPRECIATE THAT CURRENT UNCERTAINTIES ARE CREATING DIFFICULTIES
FOR ALL OF US. WE SHOULD PREFER THE FINANCIAL SECRETARY TO REFLECT
THIS AND TO REPLY IN MORE GENERAL TERMS, AS FOLLOWS:
QUOTE I WOULD AGREE WITH MY HONOURABLE FRIEND THAT IN VIEW OF THE
UNCERTAINTIES OF THE WORLD MONETARY SITUATION, A DECISION ABOUT THE
FUTURE OF THE STERLING AGREEMENTS WOULD BE HELPFUL. NEGOTIATIONS
HAVE NOT STARTED, BUT WE ARE IN CLOSE TOUCH WITH HMG IN THE UK TO
WHOM WE HAVE EXPRESSED OUR ANXIETIES. I ASK HONOURABLE MEMBERS TO
ACCEPT MY ASSURANCE THAT THE GOVERNMENT IS WELL AWARE OF THE GREAT IMPORTANCE OF THESE ISSUES, IS KEEPING THE SITUATION UNDER CONSTANT REVIEW, AND IS IN CLOSE TOUCH WITH OUR BANKERS UNQUOTE.
2. WE SHALL LET YOU HAVE A REPLY TO THE CTHER POINTS IN YOURTEL
NO. 761 AS SOON AS POSSIBLE.
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