3
WEDNESDAY, SEPTEMBER 13, 1989
HE POINTED OUT THAT MANY OF THE PARTICIPATING BE RELEASING THE RESULTS OF THEIR OWN SURVEYS TODAY.
COUNTRIES WOULD
"SINCE THIS IS THE FIRST SUCH SURVEY UNDERTAKEN IN
HE SAID. NO COMPARISON CAN BE MADE WITH PAST PERFORMANCE,
HONG KONG.
INSTITUTIONS IN
THE SPOKESMAN SAID THAT OF THE 407 AUTHORISED OPERATION, 287 HAD FOREIGN EXCHANGE TRADING DURING THE MONTH OF 1989.
"THEIR GROSS FOREIGN EXCHANGE TURNOVER AVERAGED THE
HE SAID. OF US$60 BILLION PER DAY,'
*
APRIL
EQUIVALENT
TRADING DURING (26 PER CENT OF AUTHORISED TURNOVER) AND US DOLLAR/DEUTSCHEMARK
INSTITUTIONS' AUTHORISED "THE MAJOR SHARE OF THE SURVEY PERIOD WAS IN US DOLLAR/YEN INSTITUTIONS'
TOTAL GROSS
BUSINESS (21 PER CENT).
PLACE BETWEEN THE HONG KONG DOLLAR THE SWI39 FRANC (11 PER
"SUBSTANTIAL VOLUMES OF BUSINESS ALSO TOOK U.S. DOLLAR AND OTHER CURRENCIES, PARTICULARLY THE (14 PER CENT), STERLING (13 PER CENT) AND CENT)," HE SAID.
ANALYSED BY TYPE OF TRANSACTION, THE BULK (62 PER CENT) OF AUTHORISED INSTITUTIONS FOREIGN EXCHANGE BUSINESS CONTRACTED BY FOR SPOT VALUE, THAT IS FOR SETTLEMENT WITHIN TWO BUSINESS DAYS DEALING, HE POINTED OUT.
THE
WAS AFTER
38 PER CENT, OF ORIGINAL MATURITY IN FOREIGN CURRENCY THE INSIGNIFICANT,
"TRADING IN FORWARD CONTRACTS ACCOUNTED FOR WHICH THE BULK WAS IN SHORT-TERM CONTRACTS WITH AN
TURNOVER MONTH. INCLUDING ONE OF UP TO AND
WAS RELATIVELY CONTRACTS FUTURES AND OPTIONS SPOKESMAN ADDED.
"
CENT) OF WERE INTERBANK, НЕ
ANALYSED BY COUNTERPARTY, THE GREAT MAJORITY (89 PER TRANSACTIONS REPORTED BY AUTHORISED INSTITUTIONS
NOTED.
"WHILE EIGHT PER
WERE DONE DIRECTLY AND 46 PER CENT WERE BROKERS ACCOUNTED
CENT OF THE DEALINGS BETWEEN AUTHORISED INSTITUTIONS IN HONG KONG DIRECTLY WITH BANKS ABROAD, INDIRECT DEALS THROUGH FOR 35 PER CENT.
INSTITUTIONS'
"DEALS WITH THE NON-BANK SECTOR, ON THE OTHER
PER
OF CENT
AUTHORISED FOR ONLY 11 TURNOVER," HE SAID.
IN APRIL 1989,
GROSS FOREIGN
EXCHANGE
HAND, ACCOUNTED TOTAL REPORTED
TURNOVER
AVERAGED THE EQUIVALENT OF US$17 BILLION PER BUSINESS DAY.
BY
BROKERS
"THEIR TRADING PATTERNS WERE LARGELY SIMILAR TO THOSE
OBSERVED
FOR AUTHORISED INSTITUTIONS.
"THE CURRENCIES