THURSDAY, SEPTEMBER 24, 1992
"NEEDLESS TO SAY, IT WOULD ALSO HURT THOSE PROMOTING ECONOMIC REFORM AND MARKET FORCES IN CHINA.
"WE THEREFORE FULLY SUPPORT THE U .S ADMINISTRATION'S STANCE THAT CHINA'S MEN STATUS BE RENEWED WITHOUT CONDITIONS, SAID.
HE SAID HONG KONG WAS NATURALLY VERY CONCERNED ABOUT CURRENT SECTION 301 TALKS BETWEEN CHINA AND THE UNITED STATES AS WERE THE TERRITORY'S TWO LARGEST TRADING PARTNERS.
FIRM
HE
THE
THEY
"ANY TRADE RETALIATION BETWEEN THEM WOULD SERIOUSLY HURT OUR RE-EXPORT TRADE AS WELL AS SUCH SUPPORTING SERVICES AS TRANSPORTATION, BANKING AND INSURANCE.
"WE HAVE CONVEYED OUR CONCERNS TO BOTH PARTIES. WE HOPE THAT BOTH SIDES COULD AVERT ACTION BY REACHING AGREEMENT WHEN THE STATUTORY DEADLINE RUNS OUT ON OCTOBER 10, HE EMPHASISED.
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MR MACLEOD HAS JUST ATTENDED THE ANNUAL MEETINGS OF THE INTERNATIONAL MONETARY FUND/WORLD BANK IN WASHINGTON AND IS NOW IN NEW YORK TO UNDERTAKE A TWO-DAY PROMOTIONAL PROGRAMME FOR HONG KONG.
HE IS DUE TO RETURN ON SUNDAY (SEPTEMBER 27).
SURVEY RESULTS ON FOREIGN EXCHANGE AND
HK DOLLAR INTERBANK MARKETS
THE MONETARY AFFAIRS BRANCH TODAY (THURSDAY) RELEASED FINDINGS OF TWO SURVEYS ON THE FOREIGN EXCHANGE MARKET AND THE HONG KONG DOLLAR INTERBANK MARKET.
FOREIGN EXCHANGE MARKET SURVEY:
ACCORDING ΤΟ THE SURVEY ON THE FOREIGN EXCHANGE MARKET, THE MARKET SIZE, MEASURED IN TERMS OF THE FOREX BUSINESS CONTRACTED BY AUTHORISED INSTITUTIONS, STOOD AT US$61 BILLION PER BUSINESS DAY IN APRIL 1992.
THIS REPRESENTED AN INCREASE OF 24% WHEN COMPARED WITH A TURNOVER OF US$49 BILLION RECORDED IN APRIL 1989.
IN GROSS TERMS (THAT IS, WITHOUT ADJUSTING FOR DOUBLE REPORTING), THE AVERAGE DAILY TURNOVER OF AUTHORISED INSTITUTIONS US$73 BILLION, AN INCREASE OF 22% OVER THE FIGURE OF US$60 BILLION RECORDED IN APRIL 1989.
A SPOKESMAN FOR THE MONETARY AFFAIRS BRANCH SAID THE FOREIGN MARKET WAS AN INTEGRAL AND IMPORTANT PART OF THE HONG KONG
SYSTEM.
EXCHANGE FINANCIAL
/HE SAID