TNAG-1168-FCO40-1448-Future-of-Hong-Kong-1982 — Page 45

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SECRET / PERSONAL

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CAVEATS

THELTR

SECRET

4 PERSONAL

TELELETTER

6 FROM R D CLIFT, HONG KONG AND GENERAL DEPARTMENT

FILE REFERENCE HKK040/1 DATED 16 MARCH 1982

FROM

FILE

7

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FOL FOR

8

9

10

11

FOLLOWING PERSONAL FOR:

RJT MCLAREN Esq, Political Adviser,

Government Secretariat, HONG KONG

FUTURE OF HONG KONG AND FINANCIAL IMPLICATIONS

*

1 In advance of Christopher Mallaby's stopover in Hong Kong on

21 March, I am letting you know that he is likely to raise the 13 question of the financial implications of the loss of business

12

14

confidence in Hong Kong as 1997 approaches. Planning Staff, who

15 have seen our submissions on this subject, accept that public

16

concern about the end of the Lease could well lead to a slide in

17: confidence. However noting the relative strength of the Hong 18 Kong economy they question whether such a slide need be

19 uncontrollable and have asked whether there could not be some

20 form of financial contingency planning which would reassure

international financial circles and might stop or at any rate

slow down a slide.

21

22

23 2. In this connection they have pointed to

to the lack of a

24

central bank in Hong Kong. They argue that while the Hongkong

25 and Shanghai Bank was willing to assume the role of Lender of

略

NNNN ends

BLANK

teleletter

File number

HKK 040/1

Drafted by (Block capitals)

R D CLIFT

Catchword

last

Dept

HKG D

COPY TO MR JAY, PLANNING STAFF

SENT BY HKGD 16/3/82

Telephone number

233 3184

Authored for despatch

Comcen reference

Time of despatch

XY 49

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