↓
P.A.H. 7 (REVISED) 4000001
BONGROVE
DAILY
INFORMATION SERVICES
INFORMATION BULLETIN
(Part II)
Wednesday, May 10, 1972
HONG KONG'S RESERVES AND U.K. STERLING GUARANTEE
Statement By Financial Secretary On Discussions In U.K.
The Financial Secretary. the Hon. C.P. Haddon-Cave, said today the minimum sterling proportion of Hong Kong's total official external reserves is now 89 per cent as opposed to the 99 per cent originally
applicable.
He said he had ascertained during his recent visit to London that the Hong Kong Government could take advantage of this right to diversify into other currencies or bonds denominated in non-sterling terms without
restriction as to timing or the currencies and bonds to be selected.
He was speaking in the Legislative Council in reply to the Hon. Wilfred Wong who had asked him to make a statement on his recent discussions in London concerning the Colony's reserves and the U.K. sterling guarantee.
Mr. Haddon-Cave explained that the main purpose of his visit to London was to clarify certain aspects of the 10 per cent diversification facility, in
respect of reserves, offered to Hong Kong and other members of the sterling
area last September.
/The question