TNAG-1487-FCO40-2044-Hong-Kong-banking-Banking-Bill-1986-1986 — Page 5

A

B

GINAAY

Mr Braithwaite

HKK 101/2

FROM: A M LAYDEN, HKD

DATE: 8 April 1986

HONG KONG: PROPOSED VISIT OF IMF STAFF TEAM

1.

Sir Geoffrey Littler, 2nd Permanent Secretary at the

Treasury, wrote to you on 21 March about an IMF proposal that an IMF staff team should visit Hong Kong to review developments in the financial markets

the financial markets since their previous

visit in 1984.

2.

We have consulted Hong Kong who have agreed to the proposal provided the

the visit is part

part of an international

tour (as the previous one was). This stipulation is

presumably to avoid any

suggestion that Hong Kong's financial markets are being singled out for scrutiny.

3.

It is not clear from Sir Geoffrey's letter that the

IMF intend that the team's visit to Hong Kong should be part of a tour, though it seems likely that this is the idea. I submit a draft reply to Sir Geoffrey Littler which seeks clarification on this point. ERD concur.

8 April 1986

A M Layden

hayde

Hong Kong Department