CONFIDENTIAL ##
For discussion
on 17th December 1974
RECICL
31 DE 1974
До
HKK / +0.
機密
FRYS
か
XCC(74)99
Copy No
32
MEMORANDUM FOR EXECUTIVE COUNCIL
EXCHANGE FUND (AMENDMENT) BILL 1975
you
of 70
Annexed to this memorandum for the consideration of Honourable Members is the Exchange Fund (Amendment) Bill 1975.
2
This short bill seeks only to amend section 3(2) of the Exchange Fund Ordinance (Chapter 66).
3
(5
агу
connut?
TH
3/:
Настройка
The Govern
Subsequently sought permission
this charge.
Section 3(2) of the Ordinance provides that the Fund may be held in Hong Kong currency or in any other currency or in gold or silver or may be invested in the securities approved by the Secretary of State. The same section authorises the Financial Secretary to buy or sell currency for immediate delivery. Clause 2 of the bill seeks to amend section 3(2) of the Ordinance so that the Financial Secretary may buy or sell currency in the forward foreign exchange market and follows a recommendation made by the Exchange Fund Advisory
Committee established under section 3(1) of the Ordinance. In making
this recommendation the Committee commented that:
as the Fund was no longer required to keep all of its assets in sterling, more sophisticated weapons were needed to protect the exchange value of the currency of Hong Kong and this included operations in the forward market".
d
B/E
had no
ect rojectio indeed, the
thought
it overdue.
207
ENTRY
4
нкуба
Honourable Members will be asked to advise whether the Exchange Fund (Amendment) Bill 1975, as annexed, should be intro- duced into the Legislative Council.
(The Accountant General (Mr D.W.A. BLYE) will attend
before the Council for the discussion of this item).
12th December 1974
(SCR 9/2321/56IV)
n.
体
Maya I think
we
COUNCIL CHAMBER must consult
FRD about the implications And 2/6
ther. Strant
This will
C.S. 166
fine
7.a.
Hong Kong quenter fusibility in
the monagement of hen
спининсу
in
exchange and seems a these days of starting's
conti
sensible measure pantieulang particularly CONFIDENTIAL debility.