SECRET
CELLOR OF
THE EXCHEQUER
Chinese if there was a risk that the reserves might fall below that figure.
Even if this were only a "best endeavours offer",
there must be a risk that, if the reserves were to fall below that level, the Chinese would use it as a source of pressure to extract some kind of compensation from the UK government. We must clearly minimise their scope for doing this. For this reason, I would
most grateful if my officials could be consulted on the precise
terms in which this proposal would be put forward and if they
could be kept in close touch on the further discussions with the
Chinese.
be
4. I am sending a copy of this minute to the Prime Minister
to Sir Robin Butler.
J Nu
NORMAN LAMONT
SECRET
2
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