CONFIDENTIAL
25941
де
DD 21070OZ NICOSIA
GRS153
CONFIDENTIAL
DESKBY 21070OZ
FM FCO 20170OZ OCT 83
TO IMMEDIATE NICOSIA
TELEGRAM NUMBER 196 OF 20 OCTOBER
MKK040 5
RECEIVED IN NEGIS. MY
4UCT 1983
REGIST
IN A
? :CM26/10
FOLLOWING FOR PS/LADY YOUNG FUTURE OF HONG KONG
1. WE HAVE PROVIDED DEFENSIVE BRIEFING ON THIS SUBJECT
FOR LADY YOUNG'S VISIT TO CYPRUS . FOLLOWING ARE ADDTIONAL
'POINTS TO MAKE' TAKING INTO ACCOUNT SUBSEQUENT DEVELOPMENTS
(A) SINO BRITISH TALKS.
FIFTH ROUND IN SECOND PHASE OF SINO-BRITISH TALKS ON HONG
KONG'S FUTURE HELD IN PEKING ON 19/20 OCTOBER. DESCRIBED IN
JOINT COMMUNIQUE AS USEFUL AND CONSTRUCTIVE.
14/15 NOVEMBER.
WILL RECONVENE
(B) HONG KONG STOCK MARKET AND DOLLAR EXCHANGE RATE
ON 15 OCTOBER, HONG KONG GOVERNMENT TOOK CERTAIN MEASURES TO
STABILISE THE HONG KONG DOLLAR. KEY ELEMENT WAS INDIRECT
PEGGING OF HONG KONG DOLLAR TO US DOLLAR AT RATE OF HONG KONG
DOLLARS 7.80 = US DOLLARS 1, AND ABOLITION OF LOCAL TAX PAID
ON HONG KONG DOLLAR DEPOSITS. CURRENCY AND STOCK MARKET
RESPONDING WELL.
HO WE
COPIES TO
SIR IAN SINCLAIR LEGAL ADVISER LEGAL ADVISER
FUTURE OF HONG KONG
TAIMIEJUSD
HD/HKD
MR BURROWS
HD/FED
MR ROBERTS
HD/PLANNING STAFF
MR MARTIN
EID/PUSD
PS
PS/LADY YOUNG
MR FLOWER
PS/MR LUCE
MR COLES
PS/PUS
SIR J BULLARD
MR GIFFARD
MR DONALD MR WRIGHT
NEWS D
ASSESSMENTS STAFF
CABINET OFFICE
PUSD
NO 10 DOWNING STREET
SIR A PARSONS NO 10 DOWNING STREET
MR WALKER RESEARCH D OAB 2/82
MR GOODALL, CABINET OFFICE
SIR PHILIP MOORE, BUCKINGHAM PALACE
CONFIDENTIAL
443
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