TNAG-2475-FCO40-3605-Hong-Kong-exchange-fund-report-and-accounts-for-1991-1992 — Page 78

15-JUL-1992 16:07

DEF HKG

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4. Second, Hong Kong's monetary framework has been strengthened significantly in recent years. We are now less vulnerable to speculative pressures on the exchange rate.

5.

Third, by publishing an annual balance sheet setting out the size of the Fund and its accumulated earnings, we will be able to demonstrate unambiguously Hong Kong's impressive financial strength.

6.

Fourth, disclosure will provide important information for credit rating agencies and prospective lenders for our infrastructural projects to enable them to make a realistic assessment of Hong Kong's credit-worthiness.

7.

Fifth, disclosure of foreign currency reserves is very much the established practice in the major market economies. Indeed, the International Monetary Fund has recommended that Hong Kong take this important step.

18. These are

:

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