XN000022-1992-05-25 — Page 8

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MONDAY, MAY 25, 1992

HONG KONG GOVERNMENT EXCHANGE FUND

MONEY MARKET OPERATIONS

**

DATE

MILLION

CLOSING BALANCE IN THE ACCOUNT ON

23.5.92

988

EFFECT OF FORWARDS TO BE SETTLED ON

EFFECT OF OPERATIONS THIS MORNING

EFFECT OF OPERATIONS THIS AFTERNOON

25.5.92

+72

-72

+400 *

* O/N ASSISTANCE TO BE REVERSED ON 26.5.92

TRADE WEIGHTED INDEX 111.6 *+0.0* 25.5.92

HONG KONG GOVERNMENT EXCHANGE FUND

EF BILLS

HONG KONG GOVERNMENT BONDS

TERMS

YIELD

TERM

ISSUE

COUPON

PRICE

YIELD

1 WEEK

1 MONTH

1.81 PCT

18 MONTHS

2311

6.25

102.50

2.06 PCT

21 MONTHS

2402

5.50

101.10

4.54

4.88

3 MONTHS

2.59 PCT

24 MONTHS

2405

5.50

100.76 5.16

6 MONTHS

3.14 PCT

12 MONTHS

3.83 PCT

TOTAL TURNOVER OF BILLS AND BONDS

CLOSED 25 MAY 1992

18,213 MN (RECORD HIGH)