TUESDAY, MARCH 27, 1979
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BUDGET DEBATE RESUMES TOMORROW
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THE BUDGET DEBATE WILL RESUME IN THE LEGISLATIVE COUNCIL TOMORROW (WEDNESDAY) WHEN 10 UNOFFICIAL MEMBERS SPEAK ON THE BUDGET PROPOSALS. IT WILL CONTINUE THE FOLLOWING DAY WITH NINE MORE UNOFFICIALS SPEAKING,
TOMORROW'S SPEAKERS ARE THE HON. OSWALD CHEUNG, THE HON. LO TAK-SHING, THE HON. ROGER LOBO, THE HON. JAMES WU, THE HON. HILTON CHEONG-LEÉN, THE HON. LI FOOK-WO, THE HON. JOHN BREMRIDGE, THE HON. FRANCIS TIEN, THE HON. ALEX WU AND THE REV. THE HON. JOYCE M. BENNETT.
SPEAKING ON THURSDAY ARE THE HON. CHEN SHOU-LUM, THE HON. LYDIA DUNN, THE HON. LEUNG TAT-SHING, THE HON. PETER C. WONG, THE HON. WONG LAM, THE HON. CHARLES YEUNG, DR. THE HON. HO KAM-FAI, THE HON. ALLEN LEE AND THE HON. D.K. NEWBIGGING.
RADIO TELEVISION HONG KONG WILL BROADCAST THE TWO-DAY RESUMED DEBATE LIVE ON RADIO 4 (ENGLISH), STARTING FROM 2.30 P.M.
FALL IN VALUE OF HK DOLLAR NOT JUSTIFIED
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A GOVERNMENT SPOKESMAN SAID TONIGHT (TUESDAY) THAT THE SHARP FALL IN THE EXCHANGE VALUE OF THE HONG KONG DOLLAR WHICH HAS TAKEN PLACE IN THE LAST FEW DAYS WAS NOT JUSTIFIED BY THE UNDERLYING ECONOMIC SITUATION IN HONG KONG.
THE FALL APPEARS TO HAVE BEEN MAINLY CAUSED BY IMPORTERS BUYING U.S. DOLLARS IN ADVANCE OF THEIR REQUIREMENTS AND BY EXPORTERS HOLDING ON TO THEIR EARNINGS OF U.S. DOLLARS AND OTHER CURRENCIES INSTEAD OF OFFERING THEM FOR SALE IN THE MARKET.
ALTHOUGH THIS OCCURS FROM TIME TO TIME IN MOST MARKETS, IT WAS OCCURRING IN THE HONG KONG DOLLAR MARKET AT THE PRESENT TIME ON AN EXAGGERATED SCALE, AND WOULD SOON BE REVERSED.
THE SPOKESMAN ADDED THAT THE GOVERNMENT WAS KEEPING A CLOSE WATCH ON THE SITUATION.