Calendar of Events
November 1967 to December 1973
1967
18 Nov
20 Nov
Sterling was devalued by 14.3%, from £1=US$2.80 to £1=US$2.40. The Hong Kong dollar was devalued pari passu with sterling, maintaining a rate of HK$16.00-£1.
1969
29 Jan
28 Mar
23 Nov
The Hong Kong dollar was revalued against sterling by 10%, the new rate being HK$14.55-£1.
22 Jul
1968
17 Mar
The "two-tier" market for gold was established.
25 May
To protect Hong Kong's sterling reserves, the Hong Kong Govern- ment acquired British Government Bonds denominated in Hong Kong dollars.
8 Aug
21 Oct
3 Jun
29 Jun
1 Jul
4 Jul
25 Sep
27 Nov
The IMF officially approved the Special Drawing Rights (SDR) scheme.
Hong Kong and Benelux concluded an agreement under the Cotton Textiles Arrangement to restrain ex- ports of all cotton textiles (other than yarns) for the period 1 July 1968 to 31 December 1969.
The EEC (Six) internal tariff and non-tariff barriers were abolished and a Common External Tariff was established.
Hong Kong and Sweden concluded the first textile agreement between the two countries, for thirteen months from 1 June 1968.
The Basle Agreement came into operation. Hong Kong's official sterling reserves were covered against exchange loss in terms of United States dollars (at a rate of US$2.40= £1) for a period of five years. The Hong Kong dollar Bonds were cancelled.
26 Oct
22 Dec
31 Dec
1970
31 May
30 Sep
30 Oct
The United Kingdom introduced the Import Deposit Scheme (involving a 50% deposit).
5 Dec
The Hong Kong Government intro- duced the Sterling Exchange Guar- antee Scheme to provide a guarantee on local banks' sterling assets. Hong Kong became a member of the Asian Development Bank. The President of Board of Trade announced that the British Govern- ment proposed to introduce tariffs on imports of woven cotton textiles from the Commonwealth, in place of quotas, as from 1 January 1972. The French franc was devalued by 12.5%
The United Kingdom announced the extension of the Import Deposit Scheme for another year, with the deposit reduced to 40%.
The Deutschemark was revalued by 8.5%.
The United States relaxed its ban on trade with China (for non-strategic goods).
The EEC (Six) "Transitional Period” ended. As from 1 January 1970, all trade agreements were required to be negotiated by the Commission on behalf of a Member State or Member States.
The Canadian dollar was allowed to float.
The Arrangement regarding Inter- national Trade in Cotton Textiles was extended for a period of three years ending 30 September 1973. Negotiations leading to the Hong Kong/EEC Cotton Textiles agree- ment for the period 1 January 1971 to 31 December 1973 were concluded.
The United Kingdom ended the Import Deposit Scheme.
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