P.A.H. 7 (REVISEDI 4000001
FONE TRONG DOSEN MENT
HONG DAILY
INFORMATION
INFORMATION
SERVICES BULLETIN
Wednesday, July 12, 1972
DISCUSSIONS ON PROTECTION OF HONG KONG'S RESERVES
Two senior British officials will arrive in Hong Kong tomorrow
(Thursday) to hold discussions on the future of the sterling guarantee agreement between Hong Kong and the United Kingdom, following the floating of the pound.
The officials are Mr. Christopher Fogarty of H.M. Treasury and
Mr. R.H. Turner of the Bank of England.
Commenting on their arrival, the Financial Secretary, Mr. C.P. Haddon-Cave
said today: "H.M.G.'s prompt response to our request for early talks is most
welcome and shows a concern for the situation in which we found ourselves as a
result of the floating of sterling.
"I do not expect these talks to result in firm conclusions being
reached, but I am hopeful that a good start can be made in working out new
arrangements to protect our reserves",
Mr. Fogarty and Mr. Turner will leave Hong Kong on Saturday for talks
in Kuala Lumpur and Singapore.
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