I was fairly certain it was along Queen's Road somewhere but just lacked the knowledge to say where definitively. Anyway, the key to identification turned out to be a shop name on the column that rises up from the front of the taxi. It contains the words 大吉毛毯.
Thomas managed to find a photograph with the same shop but taken from the other end of the street. Here is his comment.
I believe I have a confirmation here (http://www.oldhkphoto.com/?page_id=4231). Please scroll down to the Sheung Wan section, There is a photo showing the photographer looking NE on Queen's Road East with shop houses on both sides. One of the pillars showed 大吉毛毯 , which was also visible in your screen capture.he also goes on the mention that the text under the photo in question says that the picture was taken very close to the "hundred step stairs" (百步梯) which lead from Queen's Road Central up to Gough Street.
So what we are looking at in the Emmanuelle 2 screen cap is the view down Queen's Road Central from somewhere near to the junction with Wellington Street and Bonham Strand. If you remember my Emmanuelle 2 posts, you should recall that I had already found one screen shot also shot here courtesy of the pillar box. Here is what it looks like today courtesy of Streetview.
Another big thanks to Thomas!