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fbtwitterlinkedinvimeoflicker grey 14rssslideshare1
Schenk, C.R. (2009)
Publisher: Cambridge University Press on behalf of the European Association for Banking and Financial History
Languages: English
Types: Article
Subjects: HC
Hong Kong SAR is well known as one of the few economies to operate a form of currency board as the basis of its monetary system. This system arose out of colonial status and has been retained except for a period of floating from 1975-83 to the present day, with some amendments. This article explores the evolution of the Exchange Fund during a period of global exchange rate instability showing that the abandonment of the monetary anchor in 1975 was part of a series of innovations to the use of the Fund as the colonial government sought to manage the exchange rate risks posed by the collapse of the Bretton Woods system.
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    • 11 F. J. Knightly to G. O. W. Stewart in London,  June . HSBC Group Archive, London [hereafter HSBC], 'The Hong Kong situation', Chairman's files, /Box ..
    • 12 E. Haslam, Bank of England to G. O. W. Stewart, HSBC,  June . HSBC, 'The Hong Kong situation', Chairman's files, /Box ..
    • 13 G. O. W. Stewart to F. J. Knightly,  June . HSBC, 'The Hong Kong situation', Chairman's files, /Box ..
    • 14 F. J. Knightly to J. A. H. Saunders,  June . HSBC, 'The Hong Kong situation', Chairman's files, /Box ..
    • 17 See correspondence between P. A. Graham of Chartered Bank and Cowperthwaite, - December . HSBC, Chairman's files, /Box .. LegCo  November .
    • 18 This oral undertaking was confirmed in a letter from J. A. H. Saunders to Cowperthwaite,  March . HSBC, Chairman's files, /Box ..
    • 19 Financial secretary memo,  December . HSBC, Chairman's files, /Box ..
    • 20 The Hongkong Bank only expected to get HKD. m. Half-yearly report, Hongkong Bank, December . HSBC GHO. F. H. H. King, The Hongkong Bank in the Period of Development and Nationalism, - (Cambridge, ), p. .
    • 21 H. Wardle, secretary EFAC, to J. A. H. Saunders, manager HSBC Hong Kong,  December . HSBC, Chairman's files, /Box ..
    • 22 See correspondence between Q. W. Lee, chairman of Hang Seng Bank, and Cowperthwaite in January and February  in HSBC GHO/.
    • 23 Report on the Accounts of the Exchange Fund . TNA FCO/.
    • 35 Letter from J. A. H. Saunders (HSBC), P. A. Graham (Chartered Bank) and W. K. Dargie to J. J. Cowperthwaite,  November .
    • 36 Minutes of Exchange Fund Advisory Committee,  October . HSBC, Chairman's files, /Box ..
    • 37 J. J. Cowperthwaite to M. W. Turner, HSBC,  December . HSBC, Chairman's files, /Box ..
    • 39 D. L. Millar of Chartered Bank to M. W. Turner enclosing a copy of memo given to him by J. G. Paterson,  June . HSBC, Chairman's papers /Box ..
    • 40 J. A. H. Saunders, chief manager, to J. J. Cowperthwaite,  November . M. G. R. Sandberg, manager Chartered Bank, to J. J. Cowperthwaite,  November . HSBC, Chairman's files, /Box ..
    • 41 Telegram from Sir D. Trench to FCO,  December . TNA FCO/.
    • 42 Telegram from J. J. Cowperthwaite to T. J. O'Brien, FCO,  March . TNA FCO/. Note of meetings at the Treasury in London - May . Cowperthwaite,  June . HSBC, Chairman's files /Box ..
    • 43 Richard Hay, FCO, to Turner, Bank of England,  April . TNA FCO/.
    • 44 Telegram from Hong Kong to FCO,  May . TNA FCO/. Minute of EFAC,  June . HSBC, Chairman's papers, /Box ..
    • 45 Minute of EFAC,  June . HSBC, Chairman's papers, /Box ..
    • 46 Telegram from Trench to FCO,  May . TNA FCO/. J. J. Cowperthwaite to J. A. H. Saunders,  March . HSBC, Chairman's files, Box ..
    • 47 The UK insisted that / of the sterling eligible for the London guarantee should be on deposit in London. The % of banks' sterling was determined to reach this level. Minutes of EFAC  September . HSBC, Chairman's papers /Box ..
    • 48 Minutes of EFAC,  June . Note by M. Curran reporting phone call from Haddon-Cave,  August . HSBC, Chairman's files, /Box ..
    • 49 M. Curran, deputy chairman HSBC, to financial secretary,  March . HSBC, Chairman's files, /Box ..
    • 50 TNA FCO/.
    • 51 TNA T/.
    • 52 Minutes of EFAC,  May . HSBC, Chairman's files, /Box ..
    • 53 HK Exchange Fund, Report on the accounts for the year ended  December . HSBC, Chairman's files /Box ..
    • 54 J. A. H. Saunders to financial secretary as chairman of EFAC,  January . HSBC, Financial secretary re: devaluation and compensation -, Chairman's papers, /Box ..
    • 55 C. R. Schenk, 'Malaysia and the end of the Bretton Woods system; disentangling from sterling -', Journal of Imperial and Commonwealth History,  ().
    • 56 A. K. Rawlinson to Bell for the Chancellor,  July . TNA T/.
    • 57 M. G. R. Sandberg to G. M. Sayer reporting on conversation with Haddon-Cave,  July . HSBC, Financial secretary re: devaluation and compensation -, Chairman's papers, /Box ..
    • 58 Balance sheet of Exchange Fund for . TNA FCO/. Balance sheet of Exchange Fund for . TNA FCO/.
    • 59 LegCo,  December .
    • 60 Letter from Haddon-Cave to D. L. Millar, chairman of Exchange Banks Association,  July . HSBC, Financial secretary re: devaluation and compensation -, Chairman's papers, /Box ..
    • 61 G. M. Sayer to Haddon-Cave,  July . HSBC, Financial secretary re: devaluation and compensation -, Chairman's papers, /Box ..
    • 62 Haddon-Cave to D. B. Millar, chair of Exchange Banks Assoc c/o Chartered Bank,  July . HSBC, Financial secretary re: devaluation and compensation -, Chairman's papers /Box ..
    • 63 Letter from G. M. Sayer to Haddon-Cave,  August . HSBC, Chairman's papers, /Box ..
    • 64 Haddon-Cave to G. M. Sayer,  August . HSBC, Chairman's papers, /Box ..
    • 65 Exchange Fund report of accounts for . HSBC, Chairman's papers, /Box ..
    • 66 Governor MacLehose to FCO,  October . BE OV/.
    • 67 Note from the Governor to the Chancellor, dated  November  and delivered  November . TNA T/.
    • 68 Letter from G. M. Sayer to Haddon-Cave,  December . HSBC, Financial secretary re: devaluation and compensation -, Chairman's papers, /Box .. It was also administratively easier to limit the scheme to one bank.
    • 69 Correspondence between Haddon-Cave and Sayer,  December  and  January . HSBC, Financial secretary re: devaluation and compensation -, Chairman's papers, /Box ..
    • 70 Payton note for the record seen by BE Governor L O'Brien,  May . BE OV/.
    • 71 Haddon-Cave to the chair of Exchange Banks Association, dated  December  and forwarded by him on  January . HSBC, Financial secretary re: devaluation and compensation -, Chairman's papers, /Box ..
    • 72 Letter from G. M. Sayer to Haddon-Cave,  January . Letter from chief manager Chartered Bank to Haddon-Cave,  January . HSBC, Financial secretary re: Devaluation and compensation -, Chairman's papers, /Box ..
    • 73 G. R. Bell (Treasury) to Haddon-Cave setting out summary of their talks in London,  November . Agreed by Chancellor of the Exchequer, who wanted to make local issue of government paper a prerequisite for his agreement, but was willing to let it go in the end. Memo by A. M. Bailey passing on Chancellor's views,  November . TNA T/.
    • 74 Memorandum for Executive Council, 'Sterling exchange guarantees',  January . TNA FCO/.
    • 75 D. G. Holland to Stuart,  July . TNA FCO/. On the reluctance of the Hong Kong government to spend see Goodstadt, Profits, Politics and Panics and Uneasy Partners: The Conflict between Public Interest and Private Profit in Hong Kong (Hong Kong, ).
    • 76 Greenwood, Hong Kong's Link.
    • 77 Exchange Fund report on accounts . HSBC, Chairman's papers /Box ..
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