XN000022-1992-09-24 — Page 8

THURSDAY, SEPTEMBER 24, 1992

VIRTUALLY ALL TRANSACTIONS ARRANGED THROUGH BROKERS WERE INTERBANK, WITH DEALS BETWEEN AUTHORISED INSTITUTIONS IN HONG KONG REPRESENTING 37.8% OF THEIR GROSS TURNOVER AND THOSE BETWEEN AUTHORISED INSTITUTIONS IN HONG KONG AND BANKS ABROAD ACCOUNTING 57.5%.

HONG KONG DOLLAR INTERBANK MARKET SURVEY:

FOR

THE SURVEY ON HONG KONG DOLLAR INTERBANK MARKET SHOWED THAT AVERAGE DAILY TURNOVER OF THE HONG KONG DOLLAR INTERBANK TRANSACTIONS IN NOVEMBER 1991 AMOUNTED ΤΟ HK$ 38 BILLION.

OF THIS, TRANSACTIONS BETWEEN AUTHORISED INSTITUTIONS AMOUNTED то HK$29 BILLION, OR 75%. MOST TRANSACTIONS WERE OF SHORT-TERM NATURE.

OF THE TOTAL INTERBANK TRANSACTIONS, 70% WERE OVERNIGHT DEPOSITS, 13% WERE BETWEEN ONE TO SEVEN DAYS. LESS THAN 2% WERE OF MATURITY MORE THAN THREE MONTHS.

A

BROKERS PLAYED AN IMPORTANT PART IN THE INTERBANK MARKET. ABOUT 53% OF THE HONG KONG DOLLAR INTERBANK TRANSACTIONS WERE DONE THROUGH THEN. 68% OF THE INTERBANK TRANSACTIONS BETWEEN AUTHORISED INSTITUTIONS IN HONG KONG WERE BROUGHT TOGETHER BY BROKERS DURING THE

MONTH.

THE

SPOKESMAN SAID THE INTERBANK MARKET WAS ACTIVELY USED BY BANKS FOR THE IR DAILY FUND MANAGEMENT BUT INFORMATION ABOUT THE TURNOVER OF THE MARKET WAS LACKING.

THE SURVEY WAS THE FIRST OF ITS KIND CONDUCTED BY THE MONETARY AFFAIRS BRANCH IN ORDER TO ENHANCE THE UNDERSTANDING OF THE INTERBANK MARKET AND BROKERS' INVOLVEMENT IN IT.

1

IT COVERED A TOTAL OF 370 AUTHORISED INSTITUTIONS UNDER THE BANKING ORDINANCE, INCLUDING 161 LICENSED BANKS, 51 RESTRICTED LICENCE BANKS AND 158 DEPOSIT-TAKING COMPANIES, AND THE 10 ACTIVE MEMBERS OF THE HONG KONG FOREIGN EXCHANGE AND DEPOSIT BROKERS ASSOCIATION.

HONG

PARTICIPANTS WERE REQUESTED TO REPORT THEIR GROSS KONG DOLLAR INTERBANK TRANSACTIONS DURING NOVEMBER QUESTIONNAIRE PROVIDED BY THE BRANCH.

AMOUNTS OF 1991 IN A

NOTE TO EDITORS:

TABLES 1 TO 3 SET OUT THE NET TURNOVER FIGURES FOR AUTHORISED BROKEN DOWN BY CURRENCY, TRANSACTION AND COUNTERPARTY.

INSTITUTIONS,

FIGURES.

TABLES 4 TO 6 PROVIDE SIMILAR ANALYSES FOR BROKERS' TURNOVER

TABLE 7 SHOWS THE AVERAGE DAILY TURNOVER OF THE HONG KONG DOLLAR INTERBANK MARKET BY MATURITY BANDS.

TABLE 8 SHOWS THE AVERAGE DAILY TURNOVER OF TRANSACTIONS DONE THROUGH BROKERS BY COUNTERPARTY.

/TABLE 1