CONFIDENTIAL
8.
It was stemmed only by the skilfully managed and remarkably successful introduction of a link between the Hong Kong dollar and the US dollar which restored confidence in the Hong Kong currency.
16.
The intense Chinese propaganda faced the people of Hong Kong with a particularly difficult dilemma. Should they bow to the inevitable, and with the stoicism and instinct for self-preservation which has helped Chinese people survive centuries of unrest and political change, keep their heads down and try to make the best of whatever Peking would give? Or should they stand up and be counted, point to the inadequacies of general promises and demand some more tangible guarantee of the continuation of their way of life? Those prepared to stand up for Hong Kong's own interests included the Senior Unofficial Member, Sir S. Y. Chung, and his colleagues in the Executive and Legislative Councils, a number of young professionals and some independent citizens and newspapers. Their message was a powerful one, and they refused to be cowed by signs of Chinese displeasure. Even those who believed that China would not concede on either sovereignty or administration declined to remain silent on what they saw as essential to the well-being of Hong Kong. The message was reinforced by a perceptible anxiety and fragility of confidence among the population which endured throughout the negotiations.
17. I have no doubt that these direct and indirect expressions of what the people of Hong Kong wanted played a substantial part in bringing the Chinese to recognise that Hong Kong would not take general declarations on trust; and thus powerfully reinforced the hand of the negotiators in Peking. Without their courageous advocacy we should not have got such a good agreement.
/18.
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