TNAG-0381-FCO40-427-Sterling-assets-and-balance-of-payments-of-Hong-Kong-1973 — Page 77

CONFIDENTIAL

Moreover, the new arrangements provide that parti- cipants whose reserves rise are not required to increase the level of their holdings of sterling to more than they were obliged to hold when the old Agreements expired."

2 November 1973

Copied to:

Mr Hollandˆ'

(

Mr Stuart (HKIOD)

Mr Aust (Legal Advisers)

Dineroty

D I Lewty

Financial Relations Department

M

CONFIDENTIAL

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