XN000022-1991-11-19 — Page 19

18

HIGHEST YIELD ACCEPTED

3.90 PCT

PRO RATA RATIO

ABOUT 73 PCT

AVERAGE TENDER YIELD

3.95 PCT

TUESDAY, NOVEMBER 19, 1991

HONG KONG GOVERNMENT EXCHANGE FUND

TENDER TO BE HELD IN THE WEEK BEGINNING

25 NOVEMBER 1991

TENDER DATE

26 NOV 91

26 NOV 91

PAPER ON OFFER

EF BILLS

ISSUE NUMBER

Q148

ISSUE DATE

27 NOV 91

EF BILLS

H178

27 NOV 91

MATURITY DATE

26 FRB 92

27 MAY 92

TENOR

91 DAYS

182 DAYS

AMOUNT ON OFFER

COUPON

500 + 100 MN

N.A.

200 + 60 MN

N.A.

HONG KONG GOVERNMENT EXCHANGE FUND

MONEY MARKET OPERATIONS

* * *

DATE

MILLION

CLOSING BALANCE IN THE ACCOUNT ON

18.11.91

500

EFFECT OF FORWARDS TO BE SETTLED ON

EFFECT OF OPERATIONS THIS MORNING

19.11.91

-506

+506

EFFECT OF OPERATIONS THIS AFTERNOON

NEUTRAL

TRADE WEIGHTED INDEX 110.9 +0.1* 19.11.91

HONG KONG