TNAG-0382-FCO40-428-Sterling-assets-and-balance-of-payments-of-Hong-Kong-1974 — Page 83

XCS(73)9

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Statement I:

Position at 24th September 1973

(1) Government:

(a)

Sterling Assets

£mn

Exchange Fund

234

General Account

106

Coinage Fund

13.

Rehabilitation Loan Fund

3

Fiduciary Issue

10

Total

366

(b)

Non-Sterling Assets

Exchange Fund

General Account

Gold

44

37

1

Total

82

(2) Local Banks' Deposits with

Exchange Fund

220

(3) Total Official Sterling Reserves

(i. e. (1)(a) + (2))

586

(4) Total Official External Reserves

(i. e. (1) + (2))

668

Minimum Sterling Proportion

(i. e. (3) (4) x 100)

87.7%

Notes:

(i)

(ii)

All sterling securities are valued at normal valuation conventions on the basis of the position at 31st August 1973. No significant change in book values is, however, anticipated.

Non-sterling securities have been revalued at mid- market prices on 24th September 1973.

(iii) Gold has been valued at the official price US$42. 22

per fine ounce,

(iv) All non-sterling assets (cash and investments) have

been converted to sterling at mid-closing rates on 24th September 1973 supplied by the Bank of England. Local banks' deposits stood at £481 million at 6th July 1972; £425 million at 31st December 1972; and £295 million at 31st July 1973.

(v)

(vi)

Total Official External Reserves does not include the non-sterling assets of the banking system, including their open foreign currency positions.

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