SECRET
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MDHIAN 2458 »
(E) IT IS IN LINE WITH INTERNATIONAL PRACTICE TO DISCLOSE
FOREIGN CURRENCY RESERVES. IT IS ALSO THE SPECIFIC RECOMMENDATION OF THE IMF IN THE CONTEXT OF ARTICLE IV CONSULTATIONS: AND
(F) HONG KONG PEOPLE WOULD WELCOME MORE INFORMATION ON THE
EXCHANGE FUND.
WE UNDERSTAND THAT MR. LU PING HAS SPOKEN TO MR. HAMISH MACLEOD ABOUT THE NEED TO REVEAL PUBLICLY THE BALANCE OF THE FUND. WE THEREFORE BELIEVE THE MOVE WOULD BE WELCOMED BY THE CHINESE SIDE.
THE FINANCIAL SECRETARY WOULD FIND A SUITABLE OPPORTUNITY TO ANNOUNCE THIS INTENTION, FOLLOWED BY THE PUBLICATION OF YEAR-END FIGURES FOR THE FIVE YEARS 1986 TO 1990, AND THEREAFTER YEAR-END FIGURES WITHIN A TIME LAG OF ABOUT SIX MONTHS. FOR EXAMPLE, THE FIGURES FOR THE END OF 1991 WOULD BE PUBLISHED AT AROUND JULY
1992.
WE PLEASED TO LET THE CHINESE SIDE HAVE A COPY OF THE SIMPLE STATEMENT OF ACCOUNTS THAT HKG INTENDS TO PUBLISH. UNQUOTE.
GRATEFUL FOR YOUR EARLY COMMENTS.
2.
WILSON
YYYY
MAIN
23
DISTRIBUTION
31
HK CONFIDENTIAL FINANCIAL
(DIALOGUE)
LIMITED
HD/HKD
HD/ERD
HD/FED
HD/PUSD
HD/ECONOMIC ADVISERS
PS
PS/LORD CAITHNESS
PS/PUS
SIR J COLES
MR BURNS
ADDITIONAL
8
PAGE
SECRET
2