THE TRANSFER OF ADVANCED TECHNOLOGY, WHICH IS AT
PRESENT RESTRICTED TO NON-COMMUNIST COUNTRIES,
SHOULD NOT BE PREVENTED AS A RESULT OF HONG
KONG'S NEW STATUS: *
PROPER PROCEDURES SHOULD BE ESTABLISHED FOR
ARBITRATION IN ANY COMMERCIAL DISPUTE WHICH MIGHT
ARISE BETWEEN HONG KONG BASED COMPANIES AND
ORGANIZATIONS IN CHINA: AND
THE FISHING RIGHTS OF HONG KONG FISHERMEN SHOULD
NOT BE OVERLOOKED.
SECTION VII THE MONETARY SYSTEM
4.25
THE PROVISIONS FOR THE PRESERVATION OF THE
EXISTING FINANCIAL AND MONETARY SYSTEM IN HONG KONG WERE
WELL RECEIVED IN BANKING CIRCLES. THE ACCORD WAS
CONSIDERED TO HAVE HELPED TO CLEAR UNCERTAINTIES AND WOULD
BOOST CONFIDENCE IN HONG KONG'S FUTURE AS A FINANCIAL
CENTRE. THE COMMERCIAL SECTOR WAS ALSO CONFIDENT THAT HONG
KONG WOULD CONTINUE TO ATTRACT FOREIGN INVESTMENT AND SERVE
AS A STEPPING-STONE FOR THOSE WHO WISH TO TRADE WITH
CHINA.
4.26
COMMENTS HAVE CENTRED ON :
MAINTENANCE OF THE EXISTING MONETARY SYSTEM
THE HONG KONG CURRENCIES
4.27
THE IMPORTANCE OF A STABLE AND CREDIBLE MONETARY
SYSTEM WAS RECOGNISED. IT HAS BEEN POINTED OUT THAT THE
MANAGEMENT AND CONTROL OF THE EXCHANGE FUND MUST CONTINUE
TO MAINTAIN A MIXED PORTFOLIO OF CURRENCIES AND INSTRUMENTS
FREELY DISPOSABLE IN LEADING FINANCIAL MARKETS OF THE
WORLD.
4.28 SUPPORT WAS EXPRESSED FOR THE PROVISION THAT THE
SAR SHALL ISSUE HONG KONG CURRENCY. AS THE DRAFT AGREEMENT
DID NOT SPECIFY WHICH BANK WOULD BE AUTHORIZED TO ISSUE
HONG KONG BANK NOTES, IT HAS BEEN SUGGESTED THAT THIS BE
CLARIFIED. A FEW INDIVIDUALS WERE CONCERNED THAT THE HK
DOLLAR SHOULD BE THE SOLE LEGAL TENDER IN HONG KONG SAR
AFTER 1997, TO THE EXCLUSION OF THE CHINESE AND OTHER CURRENCIES AND THAT ITS VALUE SHOULD BE MAINTAINED.
4.29
ANOTHER POINT RAISED WAS THE ESTABLISHMENT OF A
CENTRAL BANK IN THE HK SAP.
SECTION VIEL SHIPPING
SECRET-34-
14.30
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