CONFIDENTIAL
145325 MDHIAN 6507
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the Memorandum of Services and Facilities to ..the HKMA (or any successor thereto)..
thereto)...'' is unnecessary and could unwittingly cast doubt on and undermine confidence in the role of the HKMA and monetary stability in HK. We are aware that the former Governor of People's bank of China, LI Guixian, and more recently a Deputy Governor, CHEN Yuan, have been on record stating that the PBOC would not replace the role of the HKMA and that the two would remain separate institutions after 1997. We therefore cannot accept this gratuitous and unwarranted addition and suggest that UKDEL seek deletion of the phrase (or any successor thereto)''.
5.
We are grateful to UKDEL for all his efforts in this exercise and hope that we can bring the matter to a close once we have had an opportunity to review the final set of draft documentation from the Bank/Fund.
PATTEN
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ΜΑΙΝ
155
MONETARY
HKD
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DISTRIBUTION
155
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CONFIDENTIAL ·