TNAG-2096-FCO40-2985-HM-Overseas-Civil-Service-(HMOCS)-general-correspondence-1990 — Page 207

-23/01/90

16:46

ODA EASTKILBRIDE

CODE 18-77

Mr Stone

NO. 018

Reference..

002

{ }

нква

RECEIVED IN REGISTRY

RECEIVED

19FEB1990

DESK OFFICER

INDEX

RA

REGISTRY

FROM: DS FISH

(GTN 7 7243 3444)

| Action Taken DATE: 23 January 1990

Hong Kong Department/FCO

for asked You Mr Pusinelli.

immediate

comments

on the

proposed

draft

reply

to

It would be a

2. I am content with all but the penultimate paragraph. hostage to fortune to suggest that the appropriate safeguard would lie As you know I am pretty somewhere between $0 and $16 to the El sterling. well convinced that we shall be forced into providing a sterling safeguard in due course, but that for any proposal to secure Treasury acceptance, the rate would have to be no better than 14 and possibly nearer 20. circumstances I paragraph and simply add

retain would

the first

sentence the following

of the

In the penultimate

"But I am satisfied that at current rates of exchange and taking into are doing salaries, pensioners account the levels of Hong Kong reasonably well, certainly in comparison with their UK counterparts. do think it is necessary to contemplate In these circumstances I introducing any exchange rate protection at this stage,"

D S FISH

борис

Overseas Pensions Department

23 January 1990

HKB3421/4

RECEIVED IN RE CTRY

21 FEB 1990

DESK OFFICE"

INDEX

FA