XN000022-1993-05-25 — Page 12

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HONG KONG GOVERNMENT EXCHANGE FUND

MONEY MARKET OPERATIONS * * * * *

TUESDAY, MAY 25, 1993

9 MILLION

OPENING BALANCE IN THE ACCOUNT

1,320

REVERSAL OF LAF

+830

BALANCE AFTER REVERSAL OF LAF

2,150

NET INJECTION/WITHDRAWAL TODAY

NIL

EFFECT OF LAF TODAY

NIL

CLOSING BALANCE IN THE ACCOUNT

2,150

LAF RATE 2.00 BID/4.00 OFFER TWI 112.4 *+0.0* 25.5.93

HONG KONG GOVERNMENT EXCHANGE FUND

EF NOTES/HONG KONG GOVERNMENT BONDS

EF BILLS

TERMS

YIELD

TERM

ISSUE

COUPON

PRICE

YIELD

1 WEEK

1 MONTH

3.33 PCT

15 MONTHS

2408

4.375

100.69

3.83

3.23 PCT

18 MONTHS

2411

4.625

100.99

3.97

3 MONTHS

3.20 POT

21 MONTHS

2502

4.75

101.01

4.18

6 MONTHS

3.38 PCT

24 MONTHS

2505

3.75

99.01

4.32

12 MONTHS

3.64 PCT

TOTAL TURNOVER OF BILLS AND BONDS

15,494 MN

CLOSED 25 MAY 1993