TNAG-0448-FCO40-513-Sterling-assets-and-balance-of-payments-of-Hong-Kong-1974 — Page 120

M.I.F.T.

The amended settlement basis

For the purpose of calculating the balances eligible for guarantee on the last working day of March 1974, official sterling reserves will be deemed to consist of the amount

of actual holdings on that day or the amount held on 28 February plus the sterling interest received during March which is maintained in sterling plus the sterling which, in accordance with your interpretation of the accidental breach provision, was purchased during March in order to comply with that provision, whichever is lower. For this purpose, valuation of the holdings on the last working day of February and of any sterling purchased during March will be at current market prices on the last working day of March.

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