3. Following pressure from the DTI and FCO, the Treasury
have recently agreed to reconsider the current rules on
the financing of projects
in non-standard
merits on
to
currencies,
en sure
including the Hong Kong dollar,
the
competitiveness of British companies when pursuing major
project contracts. In the meantime the DTI have written
to the Treasury requesting that urgent cases requiring
Hong Kong Dollar Finance should be treated on their
a standard currency basis.
Of immediate
importance in this context is the consideration of bids for the Second Harbour Tunnel Project. British companies
are represented in 2 of the 3 international consortia
short listed for this
this project. The Hong Kong Government
confirmed that bids which are not offered in
Hong Kong dollars will be rejected. We are mildly
optimistic that the outcome of the Treasury's review
accept the Hong Kong dollar as a standard"
has
will be to
currency.