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Following is the transcript (English part) of the Financial Secretary's stand-up media briefing after a luncheon of the British Chamber of Commerce today (January 9):

Reporter: As regards the fallout in Argentina, can you give us an update on Hong Kong dollar?

Financial Secretary: The Hong Kong dollar peg to US dollar will not change. So far we have not really seen the contagion effect due to Argentina's crisis. So we believe that the international community has recognised the difference between the currency board in Argentina and our currency board and I am very comfortable that the investors will not initiate any unreasonable moves against Hong Kong dollar.

Reporter: (On the depreciation of the Japanese yen)

Financial Secretary: I believe the depreciation of the yen will impact on the economies around Asia including that of Hong Kong. But how deep and how sustained the impact (is) really depends on how much the yen will depreciate, and over how short a period of time. So it really is a question that is contingent on those two factors.

(Please also refer to the Chinese part of the transcript.)

End/Wednesday, January 9, 2001

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