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Transcript of Governor's media session
The following is the transcript of the media session by the Governor, the Rt Hon Christopher Patten, after opening the Hong Kong Industrial Technology Centre this (Tuesday) afternoon:
Question: How about the interest rate? Exco decided to delay the relaxation of the interest rate agreement. Do you think it is at the expense of public?
Governor: No, I think the Monetary Authority is making a statement this afternoon, and what we always want to balance is the interests of competition and the public on the one hand, and the importance of moving prudently and cautiously on the other. The international environment at the moment, as you know, is a bit uncertain, and I think it's always right to be cautious in these things. But we've made good progress in deregulating the market already and I think we just want to move ahead on the basis of as much information as possible. One of the problems we've had is the statistics for January and February are pretty curious because of first of all, spending, happens in the run- up to the Chinese New Year. And secondly, the defensive action that we're taking in relation to the Hong Kong dollar because of speculative activities earlier in the year. So there's no change in our fundamental approach to competition. But we do want to make sure that we proceed in a way which is sensible for the overall economy.
Question: So, is there any obstacles in your communication with the NCNA Hong Kong branch?
Governor: I don't feel there are any obstacles. But if the NCNA have any difficulties, I am sure they will let us know.
Question: Mr Patten, can I just refer back to your interest rate answer. Are you saying that the adjournment will help the balance to be achieved better at this stage?
Governor: Am I saying?
Question: Are you saying that the adjournment of that agreement to the interest rate will help the balance to be achieved at this stage?