P.R.K. 7 (REVISED! 4000001
FONG KONG GOVERNMENT
DAILY
INFORMATION INFORMATION
SERVICES
BULLETIN
Wednesday, July 5; 1972
FINANCIAL SECRETARY SPEAKS ABOUT FLOATING OF POUND
The Financial Secretary, the Hon. C.P. Haddon-Cave, said today Government has no intention of allowing the situation to drift in respect of the floating of the Hong Kong dollar in line with the pound sterling.
Quite the contrary, he said, Government will take a firm decision
when the time is right.
He said this decision will be taken from a position of financial
strength, not weakness, and it will be based on the most careful assessment
that can be made of all the various and somewhat conflicting considerations
that must be taken into account.
Mr. Haddon-Cave was speaking in the Legislative Council in reply
to a question by the Hon. Wilfred Wong.
Mr. Wong had asked: "Will Government state its reasons for floating the Hong Kong dollar in line with the pound sterling and will Government
state whether, in the light of experience, any modification of its decision is necessary in order to safeguard the Colony's economy?"
The Financial Secretary said the British Government's sudden and unexpected decision to float the pound sterling had created an entirely
new situation.
/"At
No comments yet.
Private notes are available after approval.