§ Mr. FabricantTo ask the Secretary of State for Foreign and Commonwealth Affairs what plans he has for the ownership of the foreign reserves and bullion held by the Government of Hong Kong after the transfer of sovereignty to the People's Republic of China; and if he will make a statement. [20826]
§ Mr. HanleyHong Kong's financial reserves will in their entirety become those of the Hong Kong special administrative region.
§ Mr. FabricantTo ask the Secretary of State for Foreign and Commonwealth Affairs what estimate he has made of(a) the current value of the bullion and foreign reserves held by the Government of Hong Kong and (b) its value when the sovereignty of Hong Kong will be transferred to the People's Republic of China; and if he will make a statement. [20894]
§ Mr. HanleyAs at the end of December 1995, the value of the bullion and foreign exchange reserves of the Hong Kong exchange fund was US$57.1 billion. It is not possible to forecast the precise value of the reserves on the transfer of sovereignty, but we have every confidence that Hong Kong will maintain one of the highest levels of reserves in the world, especially in relation to the size of its population.