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4. ACCORDINGLY, YOUR URGENT PERMISSION IS SOUGHT TO BREACH OUR
M.S.P. IF THIS PROVES TO BE UNAVOIDABLE, HAVING REGARD TO OUR
OBLIGATION TO KEEP THE RATE WITHIN THE PERMITTED 1.M.F. BAND,
WE COULD CORRECT THE POSITION LATER ON BY SWITCHING BACK INTO HON
KONG DOLLARS BUT, AS OUR HONG KONG DOLLAR POSITION IS TWICE WHAT
IT WAS A YEAR AGO WHEN STERLING FLOATED AND WE CONSEQUENTLY HAD TO ESTABLISH A DIRECT LINK WITH THE U.S. DOLLAR, WE WOULD BE
MOST RELUCTANT TO DO THIS ALSO.
MACLEHOSE
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