CONFIDENTIAL
The Exchange Fund
Report and Accounts for the year ended 31 December 1991
Contents
Page
Report
Foreign Exchange Markets 1991
1
Hong Kong Dollar
2
The Hong Kong Futures Guarantee Corporation Limited
8
Monetary Policy Operations
9
The Exchange Fund Bills Programme
11
Assets and Liabilities
13
Investment Results for 1991
14
Exchange and Investment Equalisation Reserves
15
Investment Policy
Comparison with Guidelines
16
Notes and Coins
20
Accounts
Balance Sheet
Income and Expenditure Account
26
28
Notes on the Accounts (including accounting policies) 29
Appendices
Appendix I : Investment Policy
48
Appendix II : Currency Distribution Statement
54
Appendix III: Maturity Spread Statement
55
Appendix IV : Distribution of Assets Statement
56
Appendix V : Country Risk Statement
57
Appendix VI
: Summary of Foreign Currency
Bonds and Notes
58
CONFIDENTIAL