TNAG-2494-FCO40-3626-Future-of-Hong-Kong-constitutional-development-Chinese-reac-1992 — Page 4

Reference

(although there is a graph on Hong Kong equity risk premium

which suggests that the risk level is neutral). The report does not cover the full range of scenarios, for example it does not

contemplate the Governor's proposals failing to get through LegCo. The report is also optimistic in its assessment of each of the identified scenarios although this is perhaps

understandable as it was published on 13 November (and presumably written in late October/early November).

too

am

which.

NGC Whitney

WH 304 270 2651

7 December 1992

baring. ADM.JRB

CODE 18 77