| Level | Item |
| Reference Number (click to see whole series/group) | OV44/258 |
| Extent | 1 file |
| Title | STERLING AND STERLING AREA POLICY: STERLING BALANCES - HONG KONG |
| Date | 10 Mar 1964 - 29 Feb 1968 |
| Description | Foreign exchange system. Legal relationship of Hong Kong (HK) dollar to sterling - could they diversify? Hong Kong devalues with sterling and then revalues to a net 5.7% devaluation, November 1967. Subsequent recriminations over alleged failure of HM Government (HMG) to protect Hong Kong's interests. Losses by authorised banks. Negotiations for compensation. Possible diversification. Financial Secretary (Cowperthwaite) in London, January 1968. Local currency bonds for the Overseas Sterling Area (OSA) considered. |
| Original Reference | CBP802_07v1 |