XN000022-1991-05-16 — Page 9

THURSDAY, MAY 16, 1991

"I WILL MAKE ONLY ONE PREDICTION.

"EVEN IN THE UNLIKELY EVENT THAT THE REST OF THE WORLD FOLLOWS A PATH OF SMOOTH ECONOMIC PROGRESS, IN HONG KONG THERE WILL BE CHALLENGES AND THE CHALLENGES WILL PRESENT OPPORTUNITIES, HE SAID,

||

SAID, REGION

THE OPPORTUNITIES WILL BE CONSIDERABLE, THE COMMISSIONER NOT LEAST BECAUSE HONG KONG IS AT THE HUB OF THE ASIA PACIFIC WITH ITS SIGNIFICANTLY HIGHER ECONOMIC GROWTH THAN THE REST OF THE WORLD.

MR YAXLEY CONCLUDED BY SAYING: "I PUT THIS QUESTION ΤΟ YOU AGAINST THE BACKGROUND THAT HERE IN NORWAY YOU HAVE MANY EXCITING DEVELOPMENTS ON YOUR DOORSTEP; THE CREATION OF THE BEC'S SINGLE MARKET BY 1993 AND THE ASSOCIATED EUROPEAN ECONOMIES AREA, THE LIBERALISATION OF EASTERN EUROPE, THE APPLICATION BY EFTA COUNTRIES FOR MEMBERSHIP OF THE BEC.

"DESPITE THESE OTHER PRIORITIES, CAN YOU AFFORD TO IGNORE THE ASIA PACIFIC REGION? I DON'T BELIEVE YOU CAN. SO PLEASE REMEMBER HONG KONG OFFERS YOU THE BEST ENTRY INTO THE REGION, PARTICULARLY CHINA.

10

TO

0

HONG KONG GOVERNMENT EXCHANGE FUND MONEY MARKET OPERATIONS * * * * *

DATE

-

HKEF

# MILLION

CLOSING BALANCE IN THE ACCOUNT ON

15.5.91

480

EFFECT OF FORWARDS TO BE SETTLED ON

16.5.91

-59

EFFECT OF OPERATIONS THIS MORNING

+59

EFFECT OF OPERATIONS THIS AFTERNOON

NEUTRAL

TRADE WEIGHTED INDEX 112.1 +0.0* 16.5.91

ISSUE NUMBER

HONG KONG GOVERNMENT EXCHANGE FUND 91-DAY EXCHANGE FUND BILLS

MATURING ON

OUTSTANDING $ MILLION

Q115

10.7.91

350

4116

17.7.91

350

+130 +130

Q117

24.7.91

338.5

+141.5

Q118

31 7. 91

450

+30

Q119

7.8.91

415

+65

Q120

14.8.91

380

+100

/0108

HKEI