XN000022-1989-09-13 — Page 5

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WEDNESDAY, SEPTEMBER 13, 1989

AGAINST THE U.S. DOLLAR AS THE

BY TRADED

"THE CURRENCIES THAT WERE BEING ACTIVELY

BROKERS, WERE REFERENCE CURRENCY,

AGAIN THE STERLING (13 PER DEUTSCHEMARK (29 PER CENT), THE YEN (28 PER CENT),

PER CENT), THE HONG KONG DOLLAR (12 PER CENT) AND THE SWISS FRANC (10 CENT), THE SPOKESMAN SAID.

·

(68

THE GREAT MAJORITY OF THEIR BUSINESS WAS IN SPOT CONTRACTS

IN FORWARD CONTRACTS OF PER CENT) OR

NO MORE THAN ONE MONTH'S MATURITY (21 PER CENT).

"VIRTUALLY ALL OF THE DEALS ARRANGED THROUGH BROKERS WERE IN HONG INTERBANK, WITH TRANSACTIONS BETWEEN AUTHORISED INSTITUTIONS

CENT KONG REPRESENTING 41 PER

OF THEIR GROSS TURNOVER AND THOSE INSTITUTIONS IN BETWEEN AUTHORISED

HONG KONG AND BANKS OVERSEAS ACCOUNTING FOR 58 PER CENT," HE SAID.

U.S. CAN HELP BY TREATING HK AS KEY BUSINESS PARTNER

NEW

THE DIRECTOR OF THE HONG KONG ECONOMIC AND TRADE OFFICE IN

YESTERDAY (TUESDAY YORK. MR KERRY MCGLYNN, TOLD AN AMERICAN AUDIENCE

то HELP HONG KONG U.S. TIME) THE BEST THING THAT THE U.S. COULD DO OVERCOME WORRIES

WAS TO CONTINUE TREATING THE TERRITORY AS A KEY BUSINESS PARTNER IN ASIA.

ABOUT ITS FUTURE

MR MCGLYNN'S APPEAL CAME IN AN ADDRESS TO A GROUP OF CHIEF MEETING OF EXECUTIVES AND OTHER BUSINESS AND POLITICAL LEADERS AT A THE WORLD AFFAIRS COUNCIL IN THE CITY OF PORTLAND, MAINE.

HONG

RECENT MR MCGLYNN SAID THERE WAS NO DOUBT THAT THE CHINA HAD DEALT A BLOW TO

KONG PEOPLE'S CONFIDENCE FUTURE.

IN EVENTS

IN THEIR

OF THAT BLOW SHOULD NOT

HE SAID HONG KONG WAS STILL FEELING THE EFFECTS AND WOULD CONTINUE TO DO SO FOR SOME TIME TO COME, BUT IT LEAD ANYONE TO THE CONCLUSION THAT HONG KONG WAS A FALLING STAR OR THAT ITS DAYS WERE NUMBERED.

BEEN A HE TOLD HIS AUDIENCE THAT HONG KONG WAS AND HAD ALWAYS

MARKET FOR AMERICANS SINCE THE DAYS WHEN THE YANKEE

LUCRATIVE CLIPPERS PLIED THEIR TRADE OUT OF NEW ENGLAND WATERS.

"THE BUSINESS IS STILL THERE, HE SAID, POINTING OUT THAT IN 1988 HONG KONG PEOPLE BOUGHT ABOUT US$1.000 WORTH OF AMERICAN PRODUCTS PER CAPITA.

EXPORTS

IN THAT YEAR, HE CONTINUED, U.S.

ΤΟ HONG KONG WERE THE U.S. WORTH $5.3 BILLION, UP 28 PER CENT FROM 1987, AND THIS YEAR

BILLION COMMERCE DEPARTMENT EXPECTED HONG KONG TO IMPORT BETWEEN $6.5 AND $7 BILLION WORTH OF AMERICAN GOODS AND PRODUCTS.

/MR MCGLYNN