CONFIDENTIAL
(D) THE HK ASSOCIATION OF BANKS ANNOUNCED REDUCTIONS IN INTEREST RATES YESTERDAY. SAVINGS AND DEPOSIT INTEREST. REATES WERE REDUCED BY BETWEEN THREE-QUARTERS OF ONE PERCENT AND ONE PERCENT, SO THAT
THE NEW RATES RANGE FROM ONE-AND-A- QUARTER PERCENT (SAVINGS)
TO THREE-AND-A- QUARTER PERCENT (12 MONTHS). AT THE SAME TIME, THE
STANDARD CHARTERED AND HONG KONG BANKS REDUCED THEIR PRIME LENDING
RATE FROM SIX-AND-A-HALF PERCENT TO FIVE PERCENT.
2. THE HANG SENG INDEX CLOSED YESTERDAY (15 JANUARY) AT 2559.12,
DOWN 19.11 FROM PREVIOUS DAY'S CLOSING FIGURE. AT 16030OZ THE
INDEX STOOD AT 2567.68, UP 8.56 POINTS.
3. THE EFFECTIVE EXCHANGE RATE INDEX FOR THE HK DOLLAR YESTERDAY
(15 JANUARY) WAS 63.5, DOWN 0.2 POINTS FROM THE PREVIOUS DAY. THE USD WAS QUOTED AT HKD7.765 7.767 ON THE INTERBANK MARKET
YESTERDAY. THE PUBLIC RATE WAS HKD7.723
AKERS-JONES
9.783.
YYYY
HMLNAN 7297
LIMITED HKD
MR. WILSON
COPIES TO:: HKGO-LONDON
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