XN000022-1993-03-11 — Page 5

THURSDAY, MARCH 11, 1993

掌 ADOPTING A BENCHMARK APPROACH FOR THE EXCHANGE IN-HOUSE PORTFOLIO AND MANAGING THE ASSETS AND TOGETHER; AND

FUND'S OWN LIABILITIES

* REFINING THE CURRENCY SELECTION PROCESS AND BEING LESS PASSIVE ABOUT POSITIONING THE EXCHANGE FUND FOR CURRENCY MOVEMENTS.

"WE

+

14

ARE NOT EMBARKING ON A SPECULATIVE FRENZY HE SAID. "WE VERY CONSCIOUS OF OUR DUTY, AS A MONETARY AUTHORITY, TO PLAY OUR PART IN THE MAINTENANCE OF STABILITY IN WORLD FINANCIAL MARKETS.

ARE

+

WAS

MR YAM ALSO STRESSED THAT ONE OF THE MOST IMMEDIATE TASKS то BUILD UP HKMA'S LINKS AND RELATIONSHIPS WITH OTHER MARKET PARTICIPANTS.

WITH

HKMA WOULD PLACE EMPHASIS ON WORKING WITH COUNTERPARTIES GREATER OPENNESS ON WHAT IT NEEDS AND IS THINKING OF DOING, HE SAID.

ON THE OTHER HAND, THE EXCHANGE FUND'S COUNTERPARTIES WERE EXPECTED TO COMMIT SIGNIFICANT RESOURCES TO THE EXCHANGE FUND ACCOUNT TO PROVIDE NEW IDEAS AND SUGGESTIONS TO THE HKMA, HE ADDED.

A

RESEMBLED ABOUT TO

"WE ARE OFFERING OUR COUNTERPARTIES THE OPPORTUNITY TO BUILD CLOSE RELATIONSHIP WITH A MAJOR FUND: ONE THAT HITHERTO HAS A SLEEPING GIANT, OR SHOULD I SAY DRAGON, BUT WHICH NOW IS BECOME MORE ACTIVE AND MUCH MORE DEMANDING, HE SAID.

+

"

INFORMATION

HKMA IS ALSO CATCHING UP WITH DEVELOPMENTS IN THE AND WIRE SERVICES FIELDS, AND IS REFINING AND DEVELOPING ITS IN-HOUSE MANAGEMENT INFORMATION SYSTEMS, HE SAID.

HK'S EXTERNAL TRADE STATISTICS FOR JANUARY

RELEASED

THE CENSUS AND STATISTICS DEPARTMENT TODAY (THURSDAY) THE DETAILED STATISTICS OF EXTERNAL TRADE WITH BREAKDOWN BY COUNTRY AND COMMODITY FOR JANUARY 1993.

COMPARING JANUARY 1993 WITH JANUARY 1992, THE VALUE OF DOMESTIC EXPORTS TO SINGAPORE AND TAIWAN RECORDED SIGNIFICANT INCREASES OF 32% AND 17% RESPECTIVELY.

OF

THAT TO THE UNITED STATES AND CHINA, THE TWO LARGEST COUNTRIES DESTINATION FOR HONG KONG'S DOMESTIC EXPORTS, ALSO INCREASED 7.8% AND 1.7% RESPECTIVELY.

BY

OVER THE SAME PERIOD, DECREASES WERE RECORDED IN THE VALUE DOMESTIC EXPORTS TO OTHER MAJOR COUNTRIES OF DESTINATION: FRANCE ( 22%),

GERMANY (-10%), JAPAN (-9.2%), THE UNITED KINGDOM CANADA (-5.5%).

OF

(-7.5%)

AND

/FOR ALL