XN000022-1992-07-23 — Page 19

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HONG KONG GOVERNMENT EXCHANGE FUND

MONEY MARKET OPERATIONS

THURSDAY, JULY 23, 1992

S MILLION

OPENING BALANCE IN THE ACCOUNT

1,688

REVERSAL OF LAF

BALANCE AFTER REVERSAL OF LAF

-700

988

NET INJECTION/WITHDRAWAL TODAY

NIL

EFFECT OF LAF TODAY

CLOSING BALANCE IN THE ACCOUNT

+400

1,388

LAF RATE 2.00 BID/4.00 OFFER TWI 109.8 *+0.2* 23.7.92

HONG KONG GOVERNMENT EXCHANGE FUND

BF BILLS

HONG KONG GOVERNMENT BONDS

TERMS

YIELD

TERM

ISSUE

COUPON

PRICE

YIELD

1 WEEK

1 MONTH

2.57 PCT

16 MONTHS 2311

6.25

2.28 PCT

19 MONTHS

2402

5.50

103.44 3.59

102.42

3.93

3 MONTHS

2.31 PCT

22 MONTHS

2405

5.50

102.42

4.15

6 MONTHS

2.53 PCT

12 MONTHS

3.26 PCT

TOTAL TURNOVER OF BILLS AND BONDS

—

10,884 MN

CLOSED 23 JULY 1992