By Y. C. Jao
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Extra resources for Banking and Currency in Hong Kong: A Study of Postwar Financial Development
A. a. a. a. a. 7·00 7·25 7·50 7·75 8·00 7·00 7·25 7·50 7·75 8·00 7·00 7·25 7·50 7·75 8·00 Effective 17/8/739/9/73 Category 1 2 3 4 5 7·25 7·25 7·25 7·25 7·25 7·75 7-875 8·00 8·125 8·25 8·00 8·25 8·50 8·75 9·00 8·00 8·25 8·50 8·75 9·00 8·00 8·25 8·50 8·75 9·00 Effective 10/9/73 3-month 6-month 12-month Remarks Source: Hong Kong Exchange Bank Association. a. = not available. The 1964 agreement did not please everyone. Some foreign banks claimed that they were in a competitive disadvantage. The local banks, on the other hand, claimed that the interest rate spread was not wide enough to enable them to compete with the prestigious international banks.
Since the dismantling of the Sterling Area they have been given full freedom to acquire other foreign currency assets. But their existing sterling assets are a different matter. This is because such assets. along with official external reserves. were protected under the Sterling Banking Structure and 0 perations 35 Guarantee Agreement with the United Kingdom, on condition that the sterling proportion should not fall below 89 per cent, and the Hong Kong Government in tum offered a 100 per cent guarantee to the banks in terms of Hong Kong currency.
I .. /,•' , _,/ 5 v ... 0 -- /, 60 v, v- I D. 3 Growth of Bank Deposits I 70 II - 1972 Banking Expansion 25 gence of financial institutions. 5 Here one must clearly distinguish between the saving-mobilising and saving-creating capability of financial institutions. So far as the former capability is concerned, there can be little doubt that the banking sector in Hong Kong has been highly successful in attracting the savings of the public by a vigorous campaign of branching, advertising and improving services.
Banking and Currency in Hong Kong: A Study of Postwar Financial Development by Y. C. Jao