XN000022-1989-09-13 — Page 3

INN

WEDNESDAY, SEPTEMBER 13, 1989

EVENTS IN CHINA, THE GOVERNOR SAID :

ASKED IF THE VISIT COULD BE INTERPRETED AS A GESTURE TO BOOST CONFIDENCE ESPECIALLY INVESTORS' CONFIDENCE AND HONG KONG PEOPLE'S

"I WOULD LIKE TO AFTER THE

A RETURN OF CONFIDENCE TO HONG KONG, OF COURSE I'D LIKE ENCOURAGE DO THAT, BUT I HAVE TO TELL YOU THAT THIS VISIT WAS PLANNED SOME AGO.

ΤΟ

TIME

"IF IT HAS AN EFFECT OF HELPING PEOPLE'S CONFIDENCE I SHOULD BE SOME DELIGHTED. BUT IT ALSO HAS THE EFFECT OF HELPING TO SHOW ME HOW OF THE KEY INSTITUTIONS IN HONG KONG WORK," HE ADDED.

EXTREMELY GOOD SIR DAVID SAID THE STOCK EXCHANGE HAD DONE AN

REFLECTED JOB IN REFORMING THE MANAGEMENT OF THE EXCHANGE. WHICH WAS

THAT RESULTED IN THE

WAY IT HANDLED THE PROBLEMS SUCCESSFUL EVENTS IN MAY AND JUNE.

FROM

THE GOVERNOR CONGRATULATED SIR O,W. LEE AND THE COUNCIL OF

EMPHASISING STOCK EXCHANGE FOR ALL THAT THEY HAD DONE. IT WAS, NOT JUST FOR HONG KONG AND THE FINANCES OF THE TERRITORY,

THEY HAD FOR HONG KONG'S INTERNATIONAL REPUTATION. THAT WORK SO WELL.

THE

HOW

IMPORTANT

BUT

DONE

THEIR

FOREIGN EXCHANGE MARKET SURVEY RESULTS RELEASED

HONG KONG MEASURED US$49 BILLION

IN THE THE FIRST COMPREHENSIVE SURVEY OF TURNOVER FOREIGN EXCHANGE MARKET SHOWED THAT THE SIZE OF THIS MARKET. IN TERMS OF ADJUSTED GROSS TURNOVER, WAS EQUIVALENT TO PER BUSINESS DAY IN APRIL 1989.

TAKE

DOUBLE THE ACCOUNT INTO ΤΟ WAS MADE THE ADJUSTMENT

HONG KONG REPORTING OF TRANSACTIONS AMONG AUTHORISED INSTITUTIONS IN

THE HAVE BEEN REPORTED BY BOTH (WHERE EACH TRANSACTION WOULD

INSTITUTIONS AUTHORISED INSTITUTIONS INVOLVED AND BETWEEN AUTHORISED AND BROKERS (WHERE TRIPLE REPORTING WOULD HAVE OCCURRED).

BEFORE THE ADJUSTMENT,

THE TOTAL GROSS

WAS TURNOVER

US$77

BILLION PER DAY.

FOR THE IN APRIL THIS KONG, INCLUDING

RELEASING THE FINDINGS TODAY (WEDNESDAY), A SPOKESMAN MONETARY AFFAIRS BRANCH SAID THE SURVEY WAS CONDUCTED YEAR WHEN ALL THE MAJOR MARKET PARTICIPANTS IN HONG

OF THE THE 407 BANKS AND DEPOSIT-TAKING COMPANIES AND THE 11 MEMBERS

WERE ASSOCIATION, BROKERS' AND DEPOSIT HONG KONG FOREIGN EXCHANGE

THEIR FOREIGN EXCHANGE A QUESTIONAIRE COVERING ASKED TO COMPLETE ACTIVITIES DURING THE WHOLE OF APRIL 1989.

COINCIDED SURVEY

"THE INDUSTRIALISED

COUNTRIES,

WITH SIMILAR INCLUDING AUSTRALIA, DENMARK, FINLAND, FRANCE, GREECE, IRELAND, ITALY, NORWAY, PORTUGAL, SPAIN, SWEDEN, SWITZERLAND, UK SAID.

SURVEYS

IN MAJOR BELGIUM, CANADA,

JAPAN,

AND THE

NETHERLANDS,

USA,

HE

H

/HE POINTED