XN000022-1994-03-30 — Page 2

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WEDNESDAY, MARCH 30, 1994

EXCHANGE FUND UNAUDITED FIGURES ANNOUNCED

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IN A STATEMENT TO THE

LEGISLATIVE COUNCIL TODAY (WEDNESDAY) THE FINANCIAL SECRETARY, SIR HAMISH MACLEOD, ANNOUNCED THE UNAUDITED FIGURES OF THE EXCHANGE FUND SHOWING THE POSITION AS AT THE END OF 1993.

AT THE END OF 1993, THE EXCHANGE FUND STOOD AT HK$ 348 BILLION, UP 21 PER CENT FROM HK$287 BILLION AT THE END OF 1992. MORE THAN 96 PER CENT OF THE FUND WAS

IN FOREIGN CURRENCY ASSETS. ACCUMULATED EARNINGS OF THE FUND STOOD AT HK$128 BILLION, 20 PER CENT HIGHER THAN A YEAR AGO.

"THE FOREIGN CURRENCY COMPONENT OF THE FUND, AT OVER US$43 BILLION, PLACES HONG KONG SIXTH IN THE WORLD IN OVERALL FOREIGN CURRENCY RESERVES, AND SECOND IN THE WORLD IN TERMS OF RESERVES PER CAPITA," SIR HAMISH SAID.

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'THE STRONG FOREIGN CURRENCY RESERVES POSITION OF THE EXCHANGE FUND REFLECTS HONG KONG'S IMPRESSIVE FINANCIAL STRENGTH AND IS STABILITY OF IMPORTANT TO THE MAINTENANCE OF MONETARY AND FINANCIAL HONG KONG," MR JOSEPH YAM, CHIEF EXECUTIVE OF THE HONG AUTHORITY, ADDED.

THE HONG KONG MONETARY AUTHORITY WILL BE ISSUING ITS FIRST ANNUAL REPORT, TO BE TABLED IN THE LEGISLATIVE PROVIDING FULLER DETAILS ON ITS ACTIVITIES TOGETHER WITH ACCOUNTS OF THE EXCHANGE FUND.

KONG

MONETARY

IN MAY 1994 COUNCIL AND THE AUDITED

NEW DIRECTOR OF ACCOUNTING SERVICES NAMED

THE GOVERNMENT ANNOUNCED TODAY (WEDNESDAY) THAT MR CHIU SZE- HUNG, DIRECTOR OF ACCOUNTING SERVICES, WILL RETIRE ON APRIL 1 THIS YEAR.

HE WILL BE SUCCEEDED BY HIS DEPUTY, MR ALAN RICHARDSON V

THE FOLLOWING ARE BRIEF BIOGRAPHICAL NOTES ON THESE OFFICERS:

MR CHIU SZE-HUNG, ISO, JP (AGED 61)

MR CHIU JOINED THE GOVERNMENT AS A TEMPORARY CLERK IN 1952. HE WAS TRANSFERRED TO THE TREASURY ACCOUNTANT GRADE IN 1972.

AFTER A SERIES OF PROMOTION IN THE GRADE, HE WAS PROMOTED DIRECTOR OF ACCOUNTING SERVICES IN 1993.

TO

ON HIS RETIREMENT, MR CHIU WILL HAVE COMPLETED SERVICE WITH THE GOVERNMENT.

41 YEARS

OF

/MR ALAN RICHARDSON