XN000022-1991-11-05 — Page 13

12

TUESDAY, NOVEMBER 4, 1991

HONG KONG GOVERNMENT EXCHANGE FUND

EXCHANGE PUND BILLA TENDER RESULTA

HKEQ

ISSUE NUMBER

AMOUNT APPLIED

Q144

TURADAY 5 NOVENDER 1901

Y196

HKD 2,180 MN

HKD BIR MN

AMOUNT ALLOTTED

AVERAGE ACCEPTED YIELD

HKD 500 MN

HKD 800 MN

4.12 POT

6.2# POT

HIGHEST ACCEPTED YIELD

4.15 PCT

5.85 PCT

PRO RATA RATIO

AVERAGE TENDER YIELD

ABOUT BO PCT

4.22 POT

ABOUT 16 PCT

0.39 PCT

HONG KONG GOVERNMENT EXCHANGE FUND

HREH

NEXT TENDER OF EXCHANGE FUND BILLA

TUESDAY 12 NOVEMBER 1991

IBBUK NUMBER

Q148

H177

ISSUE DATE

13 NOV 91

13 NOV 01

MATURITY DATE

TENOR

12 FEB 92

13 MAY 92

91 DAYS

182 DAYS

AMOUNT OF OFFER

HKD BOO 100 MN

HKD 200 + 80 MN

HONG KONG GOVERNMENT EXCHANGE FUND

MONEY MARKET OPERATIONS

DATE

$ MILLION

CLOSING BALANCE IN THE ACCOUNT ON

EFFECT OF FORWARDS TO BE SETTLED ON

EFFECT OF OPERATIONS THIS MORNING

EFFECT OF OPERATIONS THIS AFTERNOON

4.11.91

500

5.11.91

+19

-19

NEUTRAL

TRADE WEIGHTED INDEX 111.1 -0.2 6.11.91

PHONG KONG