XN000022-1992-09-24 — Page 6

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THURSDAY, SEPTEMBER 24, 1992

HE SAID THE BRANCH CONDUCTED THE FIRST COMPREHENSIVE SURVEY IN APRIL 1989 TO ANALYSE THE TRADING ACTIVITY IN THE MARKET.

THE SECOND SURVEY, CARRIED OUT IN APRIL THIS YEAR, WAS SIMILAR TO THE FIRST SURVEY AND WAS PART OF A GLOBAL SURVEY CO-ORDINATED BY THE BANK FOR INTERNATIONAL SETTLEMENTS (BIS).

A TOTAL OF 26 CENTRES, INCLUDING AUSTRALIA, AUSTRIA, BAHRAIN, BELGIUM, CANADA, DENMARK, FINLAND, FRANCE, GERMANY, GREECE, HONG KONG, IRELAND, ITALY, JAPAN, LUXEMBOURG, NETHERLANDS, NEW ZEALAND, NORWAY, PORTUGAL, SINGAPORE, SOUTH AFRICA, SPAIN, SWEDEN, SWITZERLAND, UNITED KINGDOM AND UNITED STATES, PARTICIPATED IN THIS ROUND.

MANY OF

THE PARTICIPATING COUNTRIES WILL ALSO RELEASE THEIR SURVEY RESULTS TODAY.

THE SURVEY COVERED ALL MAJOR PARTICIPANTS IN HONG KONG'S FOREIGN EXCHANGE MARKET, INCLUDING ALL LICENSED BANKS (164 IN TOTAL), RESTRICTED LICENCE BANKS (52), DEPOSIT-TAKING COMPANIES (159) AND MEMBERS OF THE HONG KONG FOREIGN EXCHANGE AND DEPOSIT BROKERS' ASSOCIATION (10).

EACH PARTICIPANT REPORTED ITS FOREIGN EXCHANGE ACTIVITY DURING APRIL 1992 IN A QUESTIONNAIRE PROVIDED BY THE BRANCH.

AMONG THE 375 REPORTING AUTHORISED INSTITUTIONS, PARTICIPATED ALSO IN THE 1989 SURVEY.

321

OUT OF THEM, 136 (42%) REPORTED AN INCREASE IN FOREIGN EXCHANGE TURNOVER: FOUR (1%) REPORTED NO CHANGE IN TURNOVER; 104 (32%) REPORTED A DECLINE AND 77 (24%) HAD NO FOREIGN EXCHANGE BUSINESS IN BOTH SURVEY PERIODS.

THE GROSS DAILY TURNOVER OF THE BROKERAGE FIRMS WAS US$20 BILLION PER BUSINESS DAY, AN INCREASE OF 15% FROM THE LEVEL OF US$17 BILLION IN 1989.

OF THE 10 ACTIVE BROKERS, SEVEN REPORTED AN INCREASE IN TURNOVER COMPARED WITH THE PREVIOUS ROUND AND THREE REPORTED A DECLINE.

AUTHORISED INSTITUTIONS

IN TERMS OF CURRENCY COMPOSITION, GROSS TRADING INVOLVING THE U.S. DOLLAR (OTHER THAN HK$/US$ TRADING) AVERAGED US$53.1 BILLION PER BUSINESS DAY.

THIS REPRESENTED AN INCREASE OF 11.4% FROM 1989 AND ACCOUNTED FOR 72.7% OF TOTAL GROSS TURNOVER.

CURRENCIES ACTIVELY TRADED AGAINST U.S. DOLLAR INCLUDED DEUTSCHEMARK (26.8% OF TOTAL NET TURNOVER), YEN (25.7%), POUND STERLING (10.1%). SWISS FRANC (4.6%), CANADIAN DOLLAR (3.2%), AUSTRALIAN DOLLAR (2.4%) AND FRENCH FRANC (0.9%).

/COMPARED WITH