1 Apr
5 May
Austria introduced its GPS. Hong Kong, though included in the list of beneficiaries, was excluded from preferential treatment for non-cotton textiles and footwear.
Japan implemented Phase Two of its GPS. Hong Kong was included as a beneficiary, but was subject to a discriminatory exclusion list of 96 items.
As a result of a classification dispute, the United States placed an embargo on imports from Hong Kong of mmf knit fabrics in Category 211. The embargo was lifted on 9 September 1972 following the con- clusion of an agreement with the United States Government. Sterling was allowed to float. The Renminbi (RMB) was adjusted from 40.20 to 38.19 per HK$100.
1973
1 Jan
23 Jan
1 Feb
12 Feb
23 Jun
29 Jun
30 Jun
The RMB was adjusted from 38.19 to 37.49 per HK$100.
13 Feb
3 Jul
The RMB was adjusted from 37.49 to 37.01 per HK$100.
14 Feb
4 Jul
The RMB was adjusted from 37.01 to 36.80 per HK$100.
6 Jul
The traditional link between the Hong Kong dollar and sterling was replaced by the establishment of a direct link with the United States dollar at a central rate of HK$5.65
-US$1.
The RMB was adjusted from 36.80 to 37.01 per HK$100.
The RMB was adjusted from 37.01 to 39.73 per HK$100.
The EEC/EFTA Free Trade Area Agreements were signed.
7 Jul
22 Jul
26 Jul
1 Aug
The RMB was adjusted from 39.31 to 38.99 per HK$100.
The RMB was adjusted from 39.73 to 39.31 per HK$100.
24/25 Sep A national advisory referendum on membership of the EEC was held in Norway; membership was not favoured.
22 Dec
The Australian dollar was revalued by 4.85%.
29 Dec
Agreement was reached with the United Kingdom on restraint of polyester cotton to the United Kingdom for the period 1 October 1972 to 31 December 1973.
9 Mar
11 Mar
19 May
22 May
1 Jun
The United Kingdom, Denmark and Ireland acceded to the European Communities.
Denmark included Hong Kong and other dependent territories as bene- ficiaries under its GPS.
Exchange control in Hong Kong was discontinued.
The Swiss franc was allowed to float.
Hong Kong decided, unilaterally, to restrain exports of certain woven polyester/cotton garments to the Federal Republic of Germany, the restraint being made retroactive to 1 January 1973.
The United States dollar was de- valued by 10% in terms of gold (from US$38.00 to US$42.22 per ounce) and SDR's (from SDR 0.921053 -US$1 to SDR 0.828948-US$1). The Italian lira and the yen were allowed to float.
Following the devaluation of the United States dollar, the central rate of the Hong Kong dollar with the United States dollar was ad- justed to HK$5.085=US$1. The Hang Seng Index of Share Prices in Hong Kong reached a peak of 1774.96.
The Deutschemark was revalued by 3% against other European cur- rencies, and the currencies of the Federal Republic of Germany, France, Belgium, Luxembourg, the Netherlands, Denmark, Sweden and allowed to float, Norway were jointly, against the United States. dollar. Italy, the United Kingdom and Ireland allowed their currencies to continue floating outside the joint float but agreed to participate as soon as possible.
The interchangeability of the Malay- sian dollar and the Singapore dollar was terminated.
The interchangeability of the Brunei dollar and the Malaysian dollar was terminated.
The RMB was adjusted from 38.99 to 38.41 per HK$100.
The number of items on the Hong Kong exclusion list under the Japanese GPS was reduced to 12.
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