+
Mr Holland
21 ye
MF9/39311
1
HONG KONG STERLING AGREEMENT : DIVERSIFICATION
1
I have spoken with Douglas Stone and he has explained the situation as follows :-
The Bank of China would have an account with a Hong Kong Commercial Bank. It would write to this bank and ask for the account to be orodited with Sterling and debited with the equivalent amount of Hong Kong $.
The net result is that the commercial bank's Hong Kong ♬ liabilities fall, as do their Storling assets.
There has therefore been no diversification out of Sterling into other reserve currencies, because the rundown of commercial bank Sterling has used up £90mn of the £100mn allocated for this purpose.
no
(e. My (FRD)~
کے
Is Goodfellow
about this
.200
1
ерни Сори со ни сообраний
Wk
spoke PA 2
✓ HUIOD
WE Franklin 16 May '73
305
M... Capo
Скорой Dr. Ander de
twe
2215
oir, we had some correspondence
didn't
we
D08 21/5
years file)....
6A, 6, 5, 3 (a last
+
193
{