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HONG KONG GOVERNMENT EXCHANGE FUND

MONEY MARKET OPERATIONS

OPENING BALANCE IN THE ACCOUNT

REVERSAL OF LAF

BALANCE AFTER REVERSAL OF LAF

NET INJECTION/WITHDRAWAL TODAY

EFFECT OF LAF TODAY

CLOSING BALANCE IN THE ACCOUNT

LAF RATE 2.00 BID/4.00 OFFER

MONDAY, MAY 3, 1993

$ MILLION

945

+1,205

2,150

NIL

-90

2,060

TWI 111.8 *+0.0*

3.5.93

HONG KONG GOVERNMENT EXCHANGE FUND

EF BILLS

HONG KONG GOVERNMENT BONDS

TERMS

YIELD

TERM

ISSUE COUPON PRICE

YIELD

1 WEEK

1 MONTH

2.50 PCT

13 MONTHS

2405

6.50

102.41

3.15

2.71 PCT

16 MONTHS

2408

4.375

101.38 3.30

3 MONTHS

2.76 PCT

19 MONTHS

2411

4.625

101.72 3.49

6 MONTHS

2.88 PCT

22 MONTHS

2502

4.75

101.83 3.71

12 MONTHS

3.10 PCT

TOTAL TURNOVER OF BILLS AND BONDS

—

6,020 MN

CLOSED 3 MAY 1993