XN000022-1995-09-11 — Page 9

Tender Amount

Other details

: Each tender must be for an amount of $50,000 or

integral multiples thereof. Members of the public who wish to tender for the Notes may approach Market Makers or Recognised Dealers on the published list

Please see Information Memorandum published or approach Market Makers or Recognised Dealers

End/Monday, September 11, 1995

Hong Kong Monetary Authority money market operations

Cumulative

Time

change

$million

(hours)

($million)

Opening balance in the account

1,078

0930

+126

Closing balance in the account

1,293

1000

+126

Change attributable to:

1100

+126

Money market activity

+130

1200

+130

LAF today

+85

1500

+130

1600

+130

LAF rate 4.25% bid/6.25% offer TWI 122.4 *-0.2* 11.9.95

Hong Kong Monetary Authority

EF bills

EF notes

Terms

Yield

Term

Issuc

Coupon Price

Yield

1 week

5.85

2 years

1 month

5.85

3 years

3 months

5.85

5 years

2708 6.06

3807 6.16

5006 6.60

100.14

6.07

99.72

6.36

98.97

6.97

6 months

5.85

5 years

M501 7.90

102.19

7.47

12 months 5.88

Total turnover of EF bills and notes - $6,863 million

Closed September 11, 1995

End/Monday, September 11, 1995