XN000022-1991-07-02 — Page 11

TUESDAY, JULY 2, 1991

10

HONG KONG GOVERNMENT EXCHANGE FUND

EXCHANGE FUND BILLS TENDER RESULTS

ISSUE NUMBER

AMOUNT APPLIED

Q127

TUESDAY 2 JULY 1991

HKD 1,622 MN

AMOUNT ALLOTTED

HKD 400 MN

AVERAGE ACCEPTED YIELD

6 .18 POT

HIGHEST ACCEPTED VIELD

PRO RATA RATIO

6.49 PCT

ABOUT 53 PCT

HKEG

HONG KONG GOVERNMENT EXCHANGE FUND

HKEH

NEXT TENDER OF EXCHANGP FUND BILLS

— — —

TURSDAY 9 JULY 1991

J

ISSUE NUMBER

Q128

ISSUR DATE

MATURITY DATE

TENOR

10 JUL 91

9 OCT 91

91

DAYS

AMOUNT ON OFFER

HKD 400 + 80 MN

#168

10 JUL 91

8 JAN 92

182 DAYS

HKD 200 + 60 MN

HONG KONG GOVERNMENT PYCHANGE FUND

MONEY MARKET OPERATIONS

DATE

$ MILLION

CLOSING BALANCE IN THE ACCOUNT ON

1.7.91

480

EFFECT OF FORWARDS TO BE SETTLED ON

2.7.91

NEUTRAL

EFFECT OF OPERATIONS THIS MORNING

NEUTRAL

EFFECT OF OPERATIONS THIS AFTERNOON

TRADE WEIGHTED INDEX 111.2 *+0.2* 2.7.91

NEUTRAL

HONG KONG