CONFIDENTIAL
XCC(92)35
PUBLICITY
16
There will be no publicity on the discussions with the Chinese. However, when the Finance Committee is consulted it will be necessary to prepare a suitable press line for defensive use.
PUBLIC REACTION
17
It is expected that a decision to proceed with a formal application would be welcomed in Hong Kong, although there could be some criticism of the cost, which may be seen as disproportionate to the fairly vague benefits to be secured. If the bid were successful, it would be seen as an affirmation of the Bank/Fund's confidence in Hong Kong's remaining an important international financial centre post-1997. On the other hand, a decision not to pursue the matter further, having expressed a positive interest to the contrary earlier, would lead to speculation as to why Hong Kong had backed off.
ATTENDANCE
Mr D.A.C. NENDICK
21 February 1992
[MAB G10/12/8C (92) II]
Secretary for Monetary Affairs
COUNCIL CHAMBER
Executive Council
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