N
FRIDAY, AUGUST 15, 1986
+UNDER OUR LINKED SYSTEM, THE PRESSURE ON THE HONG KONG DOLLAR RESULTING FROM IMBALANCES IN CAPITAL INFLOW OR OUTFLOW INEVITABLY FALLS ON THE INTEREST RATES. IT IS THEREFORE NATURAL IN THE PRESENT CIRCUMSTANCES TO ADJUST INTEREST RATES DOWNWARDS TO ASSIST IN MOVING THE HONG KONG DOLLAR EXCHANGE RATE CLOSER TO 7.80.
+WHILE THIS REDUCTION IN INTEREST RATES WILL BE WELCOMED BY BORROWERS, WE CANNOT YET BE CERTAIN WHETHER THE REDUCTION WILL BE SUSTAINABLE IN THE LONGER TERM. GIVEN THE LINKED SYSTEM, INTEREST RATES MUST RESPOND TO PRESSURES WHICH EMERGE IN THE FOREIGN EXCHANGE MARKET. THIS IS PART OF THE SYSTEM'S ADJUSTMENT PROCESS. THUS. WHETHER AND HOW LONG THE ADJUSTED LEVEL OF INTEREST RATES WILL BE MAINTAINABLE DEPENDS ON MOVEMENT OF INTEREST RATES INTERNATIONALLY, AND ON CAPITAL FLOWS. WE WILL JUST HAVE TO WAIT AND SEE.+
PROMOTIONS TO SENIOR RANKS
*****
THE GOVERNMENT ANNOUNCED TODAY (FRIDAY) THE FOLLOWING SUBSTANTIVE PROMOTIONS TO SENIOR RANKS IN THE ADMINISTRATIVE SERVICE
TO SECRETARY, GOVERNMENT SECRETARIAT
MR JOHN TODD
MR JOHN YAXLEY
MR RONALD BRIDGE
MR HARNAM GREWAL
MR AUGUSTINE CHUI
MR BARRIE WIGGHAM
SECRETARY FOR HOUSING
SECRETARY FOR ECONOMIC SERVICES
SECRETARY FOR EDUCATION AND MANPOWER (DESIGNATE)
SECRETARY FOR TRANSPORT
SECRETARY FOR MUNICIPAL SERVICES (DESIGNATE)
SECRETARY FOR GENERAL DUTIES (DESIGNATE)
TO ADMINISTRATIVE OFFICER STAFF GRADE A
DR JAMES HAYES
MR YEUNG KAI-YIN
MRS ANSON CHAN
REGIONAL SECRETARY (NEW TERRITORIES)
DIRECTOR OF INDUSTRY
DIRECTOR OF SOCIAL WELFARE
/MR MICHAEL