TNAG-2685-FCO40-3886-Hong-Kong-Her-Majesty-s-Overseas-Civil-Service-(HMOCS)-poli-1993 — Page 104

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From: R J Plumbo

Date:

Ext 3514 AH507) 2 January 1993

26 JAN 1993 JESKO HKA 23311

EX

HMOCS PACKAGE: QUESTIONS AND ANSWERS

Jan lak.

I refer to your minute of 18 December, which we have discussed on the elephone at various times since then.

We agreed yesterday that the letter from the Chief Secretary to the ecretary of State of 15 January will require many of the premises put orward in your minute to be revised. For example the Chief Secretary's ssertion that HK$ 26:1 is the appropriate trigger rate for a Sterling uarantee, makes some of the points you use to defend a rate of HK$ 16:1 noperable.

Nevertheless I list below some comments we have drawn up which may be .seful for future defensive argument, regardless of the outcome of Treasury

nitiatives:

STERLING SAFEGUARD

·

23

Fax page numbered 02

It can still be argued that we need to fix an exchange rate now rather than wait until 1997, but other arguments for using HK$ 26:1 will need to be adduced;

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ment line = 1447.