1
DRAFT telegram to Hong Kong
PS
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AR Rayle
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Dowell
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Felin
With reference to your tel No. 1117, it would help us
in our urgent consideration of your response to have
estimates of the remaining holdings of sterling by the
commercial banks after maturity of the forward sales on or
(ii) about 25 September; and of present sterling holdings by
the authorities.
We should also appreciate your views on how a concession
on the lines your propose, if one were to be made, could
be presented for consumption in Hong Kong without risk
to the guarantee arrangements elsewhere. Several
countries, including some major holders, have expressed
to us great disquiet about the level of their MSPs.
have exp