TNAG-1270-FCO40-1620-Financial-policy-in-Hong-Kong-1983 — Page 27

HKK

100/7

RECEIVED IN REGISTRY NO. 51

20 OCT 1983

DESK OFFICER

INDEX

REGISTE

PA

BER

88 See98

xx 15/0941&

UMMEDIATE

ADVANCE COPY

Hallitus

Ни

心

HOFO 044/18

00 FCO

00 PEKING

GR 80

CONFIDENTIAL

FM HONG KONG 180935Z OCT 83

TO MMMEDIATE FCO

TELEGRAM NUMBER 1550 OF 18 OCTOBER

#NFO UMMEDIATE PEKING

FOR CLIFT (HONG KONG DEPARTMENT) FROM BREMRIDGE: EXCHANGE RATES.

THE MARKET IS BEGINNING TO UNDERSTAND THE NEW SYSTEM. INTEREST

RATES ARE STARTING TO REACT, BUT THIS HAS NOT YET BEEN FULLY

REFLECTED IN THE FREE EXCHANGE RATE OF THE HONG KONG DOLLAR.

THIS TONIGHT WAS FOR MOST BANKS 7.85/7.88.

2. HOWEVER THE MKSBC AND THE CHARTERED BANK HAVE BEEN QUOTING

THROUGHOUT THE DAY RATES CLOSE TO THE FAXED RATE OF 7.80. 3. AS A FINAL PIECE OF GOOD NEWS, SHELL ARE TONIGHT ANNOUNCING

REDUCTIONS IN THEIR PRICES.

HADDON-CAVE

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