CONFIDENTIAL
FM FCO
TO DESKBY 19010OZ HONG KONG
TELNO 0147
OF 18153OZ JANUARY 88
INFO IMMEDIATE PEKING
CONFIDENTIAL
! HURB 040/2
19 JAN 1988
FOLLOWING PERSONAL FOR GOVERNOR FROM HUM HKD
MIPT: DEBATE ON HONG KONG: EXCHANGE
1.
157540
MDHOAN 6843
TOP COPY Q DIST ?
FOLLOWING IS PASSAGES IN DRAFT OPENING STATEMENT COVERING
HONG KONG STOCK AND FUTURES EXCHANGES.
BEGINS:
32.
BUT THE
I AM AWARE TOO OF THE PROBLEMS CONNECTED WITH THE HONG KONG STOCK AND FUTURES EXCHANGES. HONG KONG EXCHANGES WERE NOT SPARED THE EFFECTS OF THE WORLD-WIDE DOWNTURN IN STOCK MARKETS. HONG KONG GOVERNMENT MOVED WITH DECISIVENESS TO CO-ORDINATE FINANCIAL SUPPORT TO WHICH, I AM PLEASED TO NOTE, THE CHINESE AUTHORITIES MADE A SIGNIFICANT CONTRIBUTION. IT HAS ALSO SET IN HAND ACTION TO TACKLE THE LONGER-TERM PROBLEMS CONNECTED WITH SUPERVISION AND OPERATION OF THE EXCHANGES.
33. EQUALLY FIRM ACTION HAS BEEN TAKEN MORE RECENTLY TO ENSURE THAT ALLEGATIONS ABOUT THE CONDUCT OF CERTAIN INDIVIDUAL OFFICE-HOLDERS OF THE STOCK EXCHANGE CAN BE PURSUED, WITHOUT AFFECTING THE SMOOTH OPERATION OF THE EXCHANGE. THE HONG KONG GOVERNMENT ARE DETERMINED THAT THE TERRITORY'S POSITION AND REPUTATION AS A MAJOR INTERNATIONAL FINANCIAL CENTRE SHOULD BE SAFEGUARDED.
ENDS
HOWE
YYYY
DISTRIBUTION
49
MAIN
48
HONG KONG AGREEMENT RESTRICTED
LIMITED
HKD
HD/FED
PUSD
PS/LORD GLENARTHUR
PS/MR EGGAR
MR MCLAREN
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1
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