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A joint statement should be issued if an agreement was reached to demonstrate confidence in the HK dollar and a determination to stabilise the exchange rate. In a second editorial, the paper said that in the face of the volatile political situation here it would not be a bad idea to use the pound sterling as HK's currency. On the one hand, it would allay people's fears that the value of the HK dollar might drop to zero; on the other, it would ensure that China's foreign exchange earnings in HK would not be eroded by the diminishing value of the local currency. Ming Pao said it was imperative that the Sino-British talks on HK's future should reach a settlement quickly to restore public confidence. The HK Daily News and Financial Daily shared the view that the value of the local unit could not be strengthened if either Britain or China adopted drastic measures unilaterally to settle the 1997 question. The right-wing Kung Sheung Daily News also attributed the weakening HK dollar to waning confidence in HK's future. The paper criticised both Britain and China for dragging their feet in the Sino-British talks, simply because each wanted to protect its own interests.
Over the weekend, there were two commentaries in Wen Wei Po. One disputed the assertion that Britain must retain sovereignty over HK in order to uphold the territory's prosperity and stability. The other said public reaction to the 1997 question recently had been more rational.
The first article said there was no objection to British people staying on and being involved in HK's administration when sovereignty reverted to China. The commentator also felt that the open policy of the HK Government should remain, but that negative policies such as the "Three Highs" should be abolished.
10.
ENGLISH-LANGUAGE PRESS:
Chinese People's Political Consultative Conference (CPPCC): The SCMP front-page lead on Monday (9 May) was about the election of Hong Kong and Macau people to the National Committee of the CPPCC, concentrating on the election of two former Legco members, Mr. K.S. Lo and Mr. T.K. Ann. The paper said the 47 elected were grouped together as "Hong Kong and Macau compatriots" and were described as "patriotic people". The National Committee would convene its annual session on 5 June, the day before the 6th NPC in Beijing. Observers said the election was significant as almost all had contributed to the well-being not only of HK but also of China; their election could help resolve the HK issue. The Post commented that the creation of a separate unit to be represented at the national session, together with another unit from Taiwan under the name of the All-China Taiwan Compatriots Fraternity Association, pointed to China's determination for the eventual reunification of the three territories with the mainland. For an undertermined period in the future, however, China had written into its constitution for the establishment of SARS for HK and Taiwan when Taiwan was reunited with the mainland and when sovereignty over HK was recovered not later than 1997. The CPPCC, which once acted as China's Parliament,
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