TNAG-2515-FCO40-3669-Future-of-Hong-Kong-International-Rights-and-Obligations-Sub-1992 — Page 170

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Reference.

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1997 IMF/IBRD ANNUAL MEETINGS

1.

You asked how far we had got with advancing the proposal that Hong Kong should host the 1997 IMF/IBRD meeting. The short answer is that we have been plugging this idea enthusiastically for some time. Indeed in August 1991, Hong Kong said they were "delighted" to learn of the initial positive responses from the bank Hong Kong telno 2680.

2.

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The first approach on this appears to have taken place on 11 December 1990 from David Peretz. We appear to have advised Hong Kong of what was going on but Mr Peretz only formally wrote to Sir P Jacobs on 3 April. At that time

their telno 1670. Hong Kong saw "some attraction" -

UKDEL IMF approached the Chinese Directors at the IMF and IBRD on 10 July and UKRep JLG Hong Kong did so on 19 July. Since then things have been moving along gaily.

3.

I do not necessarily read paragraph 3 of Hong Kong telno 132 as being particularly negative. HKG will wish to appraise ExCo of any possible downsides, and they have clearly focused on the possibility that these meetings will not necessarily show up Hong Kong's autonomy. (Given that we/HKG will do almost all the planning, I should think it should be quite possible for us to arrange for Hong Kong to have a reasonably prominent position).

4.

I have no difficulty with the suggestion that the Chinese Executive Director be sounded out on Thahane's recent exchange, and suggest we ask UKDEL IMF to go ahead. We could also gently ask whether Hong Kong were having serious second thoughts.

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M V Stone

22 January 1992

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