CONFIDENTIAL
The Exchange Fund
Report and Accounts for the year ended 31 December 1987
Contents
Report
Page
Foreign Exchange Markets 1987
Hong Kong Dollar
Bank Rescue Operations
The Hong Kong Futures Guarantee Corporation Limited
Exchange Market Intervention
1
2
7
7
8
Exchange Fund Borrowing Limit
9
Money Market Operations
9
Investment Results for 1987
10
Investment Policy
-
Comparison with Guidelines
13
Notes and Coins
17
Accounts
Balance Sheet
Income and Expenditure Account
Accumulated Surplus Account
Exchange Equalisation Reserve
Investment Equalisation Reserve
23
24
25
26
26
Notes on the Accounts (including accounting policies) 27
Appendices
Appendix I : Investment Policy
48
Appendix II : Currency Distribution Statement
53
Appendix III: Maturity Spread Statement
54
Appendix IV : Distribution of Assets Statement
Appendix V : Country Risk Statement
55
Appendix VI
: Summary of Foreign Currency
Bonds and Notes
550
56
57
CONFIDENTIAL