4800835
P.R. 19
HONG KONG GOVERNMENT
NFORMATION
SERVICES
DAILY INFORMATION BULLETIN
SUPPLEMENT
Wednesday, February 14, 1973
STATEMENT BY FINANCIAL SECRETARY
The Hong kong dollar has been revalued in relation
to the U.S. dollar, so that its present gold parity will
remain unchanged.
Announcing this decision by Government, the Financial
Secretary, Mr. C.P. Haddon-Cave, said that the new central
rate between the Hong Kong dollar and the U.S. dollar will be
HK$5.0850 = US$1. The upper and lower limits within which
the foreign exchange market can operate will be HK4.9706 and
HK$5.1994. "This fully reflects the ten percent devaluation
of the U.. doller announced yesterday" he added.
Commenting on the decision, Mr. Haddon-Cave said,
"Following a careful and detailed consideration of all the
factors involved, we have come to the conclusion that there
is no justification for, and no real advantage in, any
devaluation of the Hong Kong dollar.
"This is also the view that has been taken of their
own currencies by most Western European countries and by
Malaysia and Singapore. In addition, the Japanese yen is
floating upwards and has already effectively revalued against
all other currencies and by more than ten percent against the
U.S. dollar" he said.
/"These....
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