SECRET
58
117511
MDHIAN 4689
Miß 10/1
SECRET
FM HONG KONG
TO IMMEDIATE FCO
TELNO 592
&
OF 270859Z FEBRUARY 92
INFO IMMEDIATE PEKING, UKREP JLG HONG KONG
JEG
FCO: PERSONAL FOR RICKETTS, HKD PEKING: PERSONAL FOR AMBASSADOR
UKREP JLG PERSONAL FOR GALSWORTHY
CERSON
ONAL
ADOR DOL
M2712 Pa
27/2
Au signe
'X' HKG proposed to say "mid-April
YRTELNO 300: CONFIDENTIAL FINANCIAL DIALOGUE
1. YAM MET WITH CHEN KE-QIANG TODAY.
twe agreed this
a bave 2 months
as Chinese requested. Strange that MICG Hau sud once again go beyond
the agreed line.
хра
in
27/5
2. YAM HANDED OVER TO CHEN THE WRITTEN DESCRIPTIONS OF THE NEW DESIGNS PREPARED BY THE TWO NOTE-ISSUING BANKS TOGETHER WITH THE COLOUR PHOTOGRAPHS OF THE NEW DESIGNS AND THE SPECIMENS OF THE EXISTING BANK NOTES. CHEN UNDERTOOK TO FORWARD THEM TO THE HKMAO A.S.A.P. YAM SAID HE HOPED THE CHINESE SIDE WOULD RESPOND PROMPTLY TO ENABLE BANK NOTES OF THE NEW DESIGNS TO BE INTRODUCED FROM JANUARY 1993. CHEN TOOK NOTE.
3. IN RESPONSE TO CHEN'S QUESTION ON WHAT WAS OUR PRESENT INTENTION CONCERNING THE DISCLOSURE OF INFORMATION ON THE EXCHANGE FUND, YAM SAID HE HAD REPORTED THE OUTCOME OF THE LAST MEETING TO THE FINANCIAL SECRETARY. THE FINANCIAL SECRETARY'S CONCERN WAS THAT HKG'S DECISION TO DISCLOSE SHOULD NOT BE SEEN AS A RESPONSE TO MOUNTING PUBLIC PRESSURE. THIS WAS THE REASON WHY HE HAD ORIGINALLY PLANNED TO ANNOUNCE THE DECISION IN THE BUDGET SPEECH TO PRE-EMPT UNHELPFUL QUESTIONS OR QUERIES IN LEGCO. HOWEVER, IN THE INTEREST OF PRESERVING THE CO-OPERATIVE SPIRIT OF THE CONFIDENTIAL DIALOGUE, HE WOULD BE PREPARED TO DEFER THE ANNOUNCEMENT TO GIVE MORE TIME FOR THE CHINESE TO PREPARE THEIR PUBLIC POSITION. HKG WOULD THEREFORE NOT ANNOUNCE ITS DECISION TO DISCLOSE OR PUBLISH THE FIGURES BEFORE END MARCH/EARLY APRIL. YAM REPEATED OUR OFFER TO RECEIVE A CHINESE TEAM IN HONG KONG, PREFERABLY BEFORE END-MARCH, SEPARATELY TO DISCUSS THE TECHNICAL ISSUES.
4. ON THE REPLACEMENT OF EXISTING COINS WITH NEW AND NEUTRAL DESIGNS, YAM REMINDED CHEN THAT, IN VIEW OF THE LONG LEAD TIME REQUIRED BY THE ROYAL MINT TO PREPARE THE NEW DESIGNS, IT WOULD
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