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BACKGROUND
HMT INT. FINANCE →→→ ERD
2005/007
every
three
The Annual Meetings are held outside Washington once
The 1994 meetings will be held in Madrid, and the 1997
years.
meetings would be expected to be in Asia.
2. Our Executive Director at the IMF suggested in December 1990 that there would be attractions in holding the meetings in Hong
in Kong. Hong Kong is not a member of the IMF or World Bank
its
own right. It is treated as a 'sub-part' of the UK and as such is
It is represented by the UK Governor and Director.
subject to separate IMF surveillance but this is treated formally as part of the surveillance of the UK.
3.
The idea was put to your predecessor in July 1991, and he agreed that the Chinese authorities should be approached with a view to carrying the matter forward. After their favourable response, he subsequently agreed to the proposal being made public in the course of the October 1991 Annual Meetings in Bangkok.
4.
In summary, the pros are:
(i)
Holding the meetings in Hong Kong would be a signal to Hong Kong itself and the international community that Hong Kong remains an international financial centre.
(ii) Chinese backing for the proposal indicates that they too wish to maintain Hong Kong's status in the international financial community. They have said this explicitly.
(iii) The prospect of Ministers and central immediately after the hand earlier in 1997) would
Chinese authorities
autonomy.
to
bringing the world's Finance
bank GovernorS to Hong Kong over (which would take place
be an additional incentive to the
maintain stability and economic
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