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FM HONG KONG
TO DESKBY 1409OOZ FCO
TELNO 422 ·
OF 140337Z FEBRUARY 92
INFO DESKBY 1409OOZ PEKING
INFO IMMEDIATE UKREP JLG HONG KONG
FCO PERSONAL FOR RICKETTS, HKD PEKING PERSONAL FOR AMBASSADOR
UKREP JLG
HONG
44
KONG PERSONAL FOR GALSWORTHY
YRTELNO 204: CONFIDENTIAL FINANCIAL DIALOGUE: LIQUIDITY AD JUSTMENT FACILITY
(LAF)
1. THANK YOU FOR TUR. SINCE NEITHER YOU NOR THE TREASURY/BANK HAVE ANY FUNDAMENTAL DIFFICULTIES WITH THE PROPOSAL, WE WOULD PREFER TO BRIEF THE CHINESE OF OUR INTENTION AT THE NEXT MEETING AS PLANNED.
2. ON THE COVERING PAPER, WE, ON BALANCE, PREFER LEAVING OUT PARAGRAPHS 3, 4 AND 5 OF THE COVERING PAPER IN ORDER TO AVOID POSSIBLE MISINTERPRETATION.
3. WE TAKE YOUR POINT IN PARAGRAPH 4 OF TUR THAT THERE IS NO NEED TO TIE THE LAF RATES RIGIDLY TO THE SHORT TERM US DOLLAR INTEREST RATES. WE HAVE THEREFORE AMENDED PARAGRAPH 14 ALONG THE LINES SUGGESTED BY YOU AND DELETED PARAGRAPH 15. A CLEAN TEXT OF THE COVERING PAPER AND THE CONSULTATIVE PAPER, AS AMENDED, TOGETHER WITH THE CHINESE TRANSLATION IS BEING SENT TO YOU AND PEKING VIA CONFIDENTIAL FACSIMILE. GRATEFUL IF PEKING WOULD HAND THEM TO THE CHINESE BEFORE THE MEETING.
WILSON
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