TNAG-0379-FCO40-425-Sterling-assets-and-balance-of-payments-of-Hong-Kong-1973 — Page 66

SECRET

prior approval of the International Monetary Fund, I cannot conceive of any circumstances in which Her Majesty's Government would seek to override any recommendation by you, which was clearly in the best interests of Hong Kong, on the level at which. the parity of the Hong Kong dollar should in such circumstances be fixed. · Conversely, you will not seek my agreement to the unilateral appreciation of the Hong Kong dollar.

3. I should be grateful if you would confirm that the foregoing correctly records the arrangements which have been agreed.

ly recorda Che

have the honour to be,

Sir,

Your most obedient,

humble servant,

SECRET.