TNAG-0381-FCO40-427-Sterling-assets-and-balance-of-payments-of-Hong-Kong-1973 — Page 18

warrant their inclusion.

We understand that although Hong

It could be

Kong's former MSP of 89% was more or less public knowledge, the actual level of sterling holdings is not published and

we suggest that it should not be disclosed now. indicated in response to questions that Hong Kong's participation is based on the reserve position at the expiry of the former Agreement but with adjustments made to take account of the non-participation of the banks in the new

arrangements.

8'.

We would be grateful to have confirmation of Hong Kong's intention to participate on the basis outlined above, and to know that you agree that the presentation outlined in

paragraphs and above will meet the case.

You will no

doubt impress the delicacy of the matter on those concerned. But please let us know of other presentational points that

occur to you.

!

+