SECRET
112 0
MDHOAN 9659.
THOSE ARE THE TIMES WHEN IT IS MORE LIKELY THAT THE EXCHANGE RATE WILL FIND IT NECESSARY TO INTERVENE. IN
IN OUR VIEW, THEREFORE IT WOULD PROVIDE A GREATER DEGREE OF FLEXIBILITY IF THE PAPER-WERE SIMPLY TO STATE THAT THE LAF BID/OFFER RATES WILL BE SET AT LEVELS APPROPRIATE TO THE PREVAILING MONETARY SITUATION, BEARING IN MIND THAT THE PRINCIPAL FOCUS OF LAF ACTIVITY IS MAINTENANCE OF THE LINK RATE. (REFERENCES TO US
RATES WOULD THEN BE DELETED).
HURD
YYYY
ΜΑΙΝ
23
DISTRIBUTION
31
HK CONFIDENTIAL FINANCIAL
(DIALOGUE)
LIMITED
HD/HKD
HD/ERD
HD/FED
HD/PUSD
HD/ECONOMIC ADVISERS
PS
PS/LORD CAITHNESS
PS/PUS
SIR J COLES
MR BURNS
ADDITIONAL
MR WYE RAD
SIR P CRADOCK NO 10.
MR WIGHTMAN CABINET OFFICE
MR A CROCKETT BANK OF ENGLAND
MR C ELSTON BANK OF ENGLAND
MR O PAGE BANK OFENGLAND
MR P GRAY HMT
MR J P MCINTYRE HMT
NNNN
PAGE 2 SECRET
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