DAILY TELEGRAPH
28 SEP 1975
cutting dated
19
FIN
ME
Rafm
Sosta HR.
STERLING FACES
THREAT FROM
HONGKONG
By Our City Staff
Britain's terms offered to sterling-area nations to induce them to keep most of their ster- ling balances intact in exchange for a guarantee against the pound's depreciation are practi- cally certain to be rejected by Hongkong.
This was reported last night in Nairobi where the annual meet- ing of the International Monetary Fund is taking place. Five years ago the value of sterling hold- ings was guaranteed not to fall below $2-3760 to the pound and last year Britain paid about £60 million to "top up."
The agreement was due to expire on Sept. 24, but on Sept. 6 the Treasury announced a six- month unilateral extension of the guarantee
:
H.K.