XN000022-1992-06-16 — Page 16

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TUESDAY, JUNE 16, 1992

HONG KONG GOVERNMENT EXCHANGE FUND

TENDER TO BE HELD IN THE WEEK BEGINNING 22 JUNE 1992

TENDER DATE

PAPER ON OFFER

ISSUE NUMBER

ISSUE DATE

MATURITY DATE

TENOR

23 JUNE 92

EF BILLS

Q226

24 JUNE 92

23 SEPT 92

91 DAYS

AMOUNT ON OFFER

HKD 500 + 100 MN

23 JUNE 92

EF BILLS

H267

24 JUNE 92

23 DEC 92

182 DAYS

HKD 200 + 60 MN

HONG KONG GOVERNMENT EXCHANGE FUND

MONEY MARKET OPERATIONS

* * * *

16 JUNE 1992

OPENING BALANCE IN THE ACCOUNT

REVERSAL OF LAF

BALANCE AFTER REVERSAL OF LAF

1,488 MN

-500 MN

NET INJECTION/WITHDRAWAL TODAY

EFFECT OF LAF TODAY

CLOSING BALANCE IN THE ACCOUNT

988 MN

NIL

+20 MN

1,008 MN

LAF RATE 2.50 BID/4.50 OFFER TWI 111.0 +0.0* 16.6.92

/HONG RONG