TNAG-0456-FCO40-521-Reports-and-accounts-of-Exchange-Fund-of-Hong-Kong-1974 — Page 4

CONFIDENTIAL # 機密

A BILL

ΤΟ

ANNEX TO XCC(74)99

Amend the Exchange Fund Ordinance.

Enacted by the Governor of Hong Kong, with the advice

and consent of the Legislative Council thereof.

Short title.

Amendment of section 3. (Cap. 66.)

1. This Ordinance may be cited as the Exchange

Fund (Amendment) Ordinance 1975.

2.

Section 3(2) of the principal Ordinance is

amended by deleting "Any such purchases or sales of

currency shall be for immediate delivery.".

G.F. 323

Explanatory Memorandum

This Bill seeks to amend the principal Ordinance

so as to enable the Exchange Fund to enter the forward

foreign exchange market whenever it is necessary to do

so for the purpose of a fully effective regulation of the

exchange value of Hong Kong's currency in accordance

with section 3(1) of the principal Ordinance. At present,

purchases or sale of currency by the Exchange Fund must

be for immediate delivery.

CONFIDENTIAL

Attorney General.

機密