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Hestonald 21/1/84
Mr Donald - o .A. PS/AUS h
Private Secretary
Private
1.
2.
TOP SECRET
COPY NO
•
Secreby of Thate
!.. OF 2.
FROM: RD CLIFT, HKD
DATE: 15 December 1983
10
HONG KONG FINANCIAL CONTINGENCY PLANNING
―
My minute of 12 December (attached).
I have now discussed further with Mr Blye and Mr Peretz. The Treasury have confirmed their firm line against linking the Hong Kong dollar to sterling. They see grave problems for HMG and no real advantage for Hong Kong. Even in the short term they do not believe that it would be sensible to use this means of propping up the dollar. In their view the currency would hold under the existing system; the strain would come on interest rates. If we were, for instance, trying to hold the line while we wound up the British position in Hong Kong, we could live with a short term rise in interest rates, but would be foolish to change the system and take the currency charge on sterling.
3.
As a result the Treasury do not now think it would be sensible to arrange a meeting between the Chancellor and the Governor in January. They think that it would raise false hopes and they have nothing new to suggest. They point out that Mr Lawson saw Sir E Youde in October and gave him a similar view.
4.
Mr Blye will now report to the Financial Secretary and the Governor. They may wish to pursue the matter and may enlist our support. We should then need to consider the position carefully but if, for instance, the Governor on his side asked to call on the Chancellor we should certainly support this.
Бит
15 December 1933
#KK 10017.
REC
2 ↑ DEC 1983
pan Takon
TOP SECRET
R D Clift
Hong Kong Department
Ansing Scland Is
Ализ