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CONFIDENTIAL
other countries (for example, Mr Y K Pao recently purchased two
large vessels in Japan).
6. Interest payments from the UK to Hong Kong include amounts
in respect of Hong Kong's official sterling reserves. These are now thought to represent well under half Hong Kong's total
official external reserves. Like sterling held by other overseas
communities, Hong Kong's reserves in London represent lending to
the UK, but Hong Kong is under no obligation to hold its reserves in sterling and has recently been diversifying (though with an
eye to the importance of maintaining international financial sta- bility Hong Kong no doubt avails itself of other services in the City of London with the UK thereby deriving the commissiong and other related income. (In the euro currency markets, the
UK's gross liabilities to Hong Kong were, at the end of last
June, valued at about £1300 million, much the same as its gross claims on Hong Kong.)
7.
The UK's wider trading interests in the Far East and South-
East Asia also stand to benefit from access to Hong Kong's har- bour (including the container terminal) and from its multifarious services (particularly those of the financial sector). UK trade
with China is potentially of considerable importance, but at
present UK exports to China are running at an annual rate of some £80 million only.
Nate.
Butan is 4 chamany Hay Kenny's mafor importers Frodiny pastintos (lated impunts $134,000 an
1974
#7,108m. 20.98
Задат
Chuva:
$ 6.000m
17.6%
U.S.
$4,600 m
13.52
Bulan
$2,000 in
5.7%
(Food $6000 m: New Materials & Semi Mounfacture,
41% of fatal myparts/afe
CONFIDENTIAL
// Белав
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