Agreed Minute on transfer of Exchange Fund signed
The senior representatives of the Sino-British Joint Liaison Group signed an Agreed Minute this (Tuesday) morning on the question of the arrangements for the transfer of the Exchange Fund of Hong Kong.
The Agreed Minute signed today makes clear that the "Exchange Fund of Hong Kong shall on the commencement of July 1, 1997 be transferred in its entirety to the Hong Kong Special Administrative Region Government, which shall manage the Fund on its own in accordance with the relevant laws of the Hong Kong Special Administrative Region".
The Agreed Minute also specifies that "All documents, contracts and agreements signed by the Hong Kong Monetary Authority up to June 30, 1997 shall continue to be valid after June 30, 1997 and be protected by the laws of the Hong Kong Special Administrative Region."
These arrangements will clearly ensure continuity in the management of the Exchange Fund by the Hong Kong Monetary Authority. There will be no gap in the transfer process and no possibility of any doubt concerning the ownership of the Exchange Fund by Hong Kong.
The Chinese and the British sides have agreed to appoint a reputable international audit firm in Hong Kong to audit the accounts of the Exchange Fund. They have also agreed to continue to strengthen consultation and co-operation on matters relating to the transfer of the Exchange Fund.
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Experts to discuss transfer of Hong Kong's archives
Experts from the two sides of the Sino-British Joint Liaison Group will meet in Hong Kong on November 14, 1996 to discuss the transfer of Hong Kong's archives.
The British side will be led by British Representative, Mr Alan Paul. The Chinese side will be led by Chinese Representative, Mr Wang Weiyang. They will be assisted by experts from the two sides.
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