XN000022-1989-09-13 — Page 4

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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