[13] The unilateral devaluation sparked a circle of grievances among local business communities as well as colonial officials in Hong Kong because the official reserves and private savings in sterling were substantial from Hong Kong. In the 1950-60s, Hong Kong accumulated significant reserves in sterling with its economic growth, money supply was exponentially expanded from £140-£160 million in the late 1950s to £363 million in October 1967, equivalent to 10% of the UK's total sterling liabilities to the overseas sterling area before the devaluation.[14] Subsequently, Hong Kong and London engaged in talks about compensation and protection against further losses.