eli
HKLOD
HONG KONG
HK
$
COVERING NOTE
FROM SECRETARY OF STATE
SECRET
RNOVER R
REGATAY HI &
27 SEP 1975
(135
2**
I have the honour to refer to the attached copy of the Declaration made at London on 11 September 1973 by the Government of the United Kingdom of Great Britain and Northern Ireland in which the Government of the United Kingdom undertakes to maintain the sterling value in terms of the United States dollar of the balances of Hong Kong eligible for guarantee under the Sterling Agreement.
Official sterling reserves held with banks or other depositarics in Hong Kong will be deemed not to be official sterling reservoa for the purposes of this Declaration unless throughout the period that the provisions of the Declaration are in effcol si least as much sterling as is deposited locally with each of thonc banks or other depositaries on official account is held directly in the United Kingdom for their account by the United Kingdom correspondents or head offices of such local banks or other depositaries. Evidence that such cover is held on
24 September 1973 and onthe last working day of March 1974 will be required from United Kingdom correspondents and head offices on
Auditors' instructions from local banks and other depositaries. certificates will be required for the same dates for any eligible assets held physically with local banks or in transit from them to the United Kingdom.
Subject to the foregoing and to the provisions of the Declaration. none of the provisions of any other agreements, arrangements or understandings, whether oral or written, made or mached between the Government of the United Kingdom and the Government of Hong Kong, or their respective agents, for the purposes of applying or interpreting the Sterling Agreement will be regarded by the Government of the United Kingdom as in any way affecting the application or interpretation of the Declaration.
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SECRET
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