TNAG-0760-FCO40-964-Annual-accounts-of-the-Hong-Kong-Government-for-1977-1978 — Page 27

DIRECTOR C

STATEMENT: No. 1

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EXCHANGE RATES

Where dollars are quoted in this report they are Hong Kong dollars unless otherwise stated. Since 26 November 1974 the value of the Hong Kong dollar has been allowed to fluctuate in terms of other currencies. On the last working day of March 1977 the middle market rate for telegraphic transfers was HK$4.64=US$1.

APPENDIX 1