TNAG-1950-FCO40-2778-Hong-Kong-Exchange-Fund-1989 — Page 68

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Finally, I take Hong Kong's point on not needing to revise the existing secured borrowing limit downwards. If it were anything other than academic, one could suggest for the sake of convenience that the limit could be expressed in future in terms of a fixed proportion of the assets of the Exchange Fund and/or the general revenue. But I take Hong Kong's point that amendment is not necessary.

Yaus Sincerely,

Сина. Ейли

C D Elston

сс Miss M O'Mara (HMT)