THURSDAY, SEPTEMBER 24, 1992
COMPARED WITH 1989, GROSS TRADING IN DM/US$ AND FF/US$ RECORDED NOTABLE INCREASES. TRADING IN YEN/US$ ROSE MODERATELY WHILE THOSE INVOLVING SF/US$, POUND/US$ AND A$/US$ REGISTERED SOME
DECLINES.
93.0% COMPARED
CROSS CURRENCY TRADING ROSE SUBSTANTIALLY BY WITH 1989, TO US$6.2 BILLION PER BUSINESS DAY AND ACCOUNTED FOR 8.4% OF THE TOTAL TURNOVER.
OF
ANALYSED BY TYPE OF TRANSACTIONS, SLIGHTLY MORE THAN HALF (52%) THE FOREIGN EXCHANGE TRANSACTIONS WERE CONDUCTED ON A SPOT BASIS (THAT IS, FOR SETTLEMENT WITHIN TWO BUSINESS DAYS AFTER DEALING). COMPARED WITH 1989, SPOT TRANSACTION GREW BY 5.5%.
TRADING IN FORWARD CONTRACTS CONSTITUTED 47% OF THE TOTAL TURNOVER. MOST OF THEM WERE OF SHORT-TERM NATURE WITH AN ORIGINAL MATURITY OF NOT MORE THAN ONE MONTH.
COMPARED WITH 1989, TOTAL FORWARD TRANSACTIONS
SUBSTANTIALLY BY 51.3%.
INCREASED
TRADING IN OPTIONS AND FUTURES CONSTITUTED ONLY A MINOR SHARE (0.9%) OF THE TOTAL FOREIGN EXCHANGE TURNOVER.
NEVERTHELESS, COMPARED WITH 1989, THERE WAS A PROMINENT INCREASE OF 248%.
ANALYSED BY COUNTERPARTY, MOST FOREIGN EXCHANGE TRANSACTIONS WERE INTERBANK TRANSACTIONS (88.0% OF TOTAL NET TURNOVER).
WHILE 19.9%.
DEALS WITH BANKS ABROAD ACCOUNTED FOR 68.1% OF TOTAL TURNOVER DEALS WITH AUTHORISED INSTITUTIONS IN HONG KONG ACCOUNTED FOR
INDIRECT DEALS DONE THROUGH BROKERS IN HONG KONG CONSTITUTED
THE TOTAL NET TURNOVER.
30.9% OF
ON THE OTHER HAND, TRANSACTIONS INVOLVING THE NON-BANK SECTOR ACCOUNTED FOR ONLY 11.1% OF TOTAL TURNOVER.
BROKERS
ABOUT 31% OF THE TOTAL FOREIGN EXCHANGE TURNOVER WERE ARRANGED THROUGH BROKERS IN HONG KONG, DOWN FROM 35% IN 1989.
THEIR TRADING PATTERN, IN TERMS OF THE COMPOSITION OF CURRENCIES, TYPE OF TRANSACTIONS AND COUNTERPARTY, WAS SIMILAR TO THAT OF AUTHORISED INSTITUTIONS.
BY CURRENCY COMPOSITION, A RELATIVELY HIGHER PROPORTION OF TRADING IN YEN/DM AND US$/CADS WAS ARRANGED THROUGH LOCAL BROKERS.
J
COMPARED WITH 1989, BROKERS BUSINESS IN CROSS CURRENCY TRADING AND TRADING OF US$/CAD$ AND US$/HK$ SHOWED NOTABLE INCREASES.
THE SHARE OF SPOT AND FORWARD TRANSACTIONS LOCAL BROKERS WERE 35.2% AND 26.7% RESPECTIVELY.
ARRANGED THROUGH
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