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44.
A maturity spread statement of the Fund's assets,
including Hong Kong dollar assets, can be found at Appendix III. A
table comparing the actual maturity spread of the Fund's assets at
31 December 1991 with that laid down in paragraph 4 of the
investment policy can be found at Appendix IV.
45.
Paragraph 5 of the
investment policy stipulates that
between 40-60% of the
the Fund's
Fund's foreign currency assets should be
placed under outside management (excluding central banks). As at 31
December 1991, such placements fell short of the lower limit of the
policy guideline and amounted to 28.76% compared with 24.25% at 31
December 1990. A total of US$1,510.0 million was injected into
existing and newly established managed portfolios in 1991, an
increase to the ratio of 4.51% from the level at the end of December
1990.
46.
A country risk statement is at Appendix V. It can be
seen that relatively high proportions of the Fund were lent to
institutions in Japan (12.22%), France (9.36%) and the U.K. (8.49%) in comparison to the proportions of assets actually denominated in
Japanese yen (4.76%), French francs (3.67%) and sterling (3.05%).
On the other hand, although only 31.24% of the Fund was lent to
organizations incorporated in the U.S.A., 69.83% of the
assets were denominated in US dollars.
Fund's
CONFIDENTIAL