The most promising avenue is the possibility that one or more major institutions could arrange a programme to manage the long term exposure to Hong Kong dollars of the Civil Service pension arrangements either through discounting the flow of receivables (namely the lump sum payments); or by a series of forward exchange rate contracts. These possibilities are explored in more detail in Charts 2 and 3 and in the accompanying notes. Again it is necessary to emphasise that if the Hong Kong dollar were to appreciate substantially against the US dollar, those seeking to hedge the opposite risk in this way would lose money. Whilst I am assuming that the Government may be willing to help pay