XN000022-1994-01-03 — Page 9

MONDAY, JANUARY 3, 1994

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 TWI 127.5 +13.2* 3.1.94

$MILLION

1,385

+2,615

4,000

NIL

-100

3,900

HONG KONG GOVERNMENT EXCHANGE FUND

EF NOTES/HONG KONG GOVERNMENT BONDS

EF BILLS

TERMS

YIELD

TERM

ISSUE

COUPON

PRICE

YIELD

1 WEEK

3.08 PCT

14 MONTHS

2502

4.75

101.30 3.58

1 MONTH

3.08 PCT

17 MONTHS

2505

3.75

99.99

3.79

3 MONTHS 3.09 PCT

20 MONTHS

2508

4.625

101.06 3.98

6 MONTHS 3.18 PCT

23 MONTHS

2511

4.15

100.03 4.17

12 MONTHS 3.50 PCT 34 MONTHS

3610

4.20

99.01

4.63

TOTAL TURNOVER OF BILLS AND BONDS

―

10,494 MN

CLOSED 3 JANUARY 1994