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When RTGS is fully implemented by the end of 1996, it will be among the most advanced and robust payment systems in the world.

The second enhancement for the CMU Service to meet the demand of the market is to cover the foreign currency instruments.

The move does not involve significant procedural or system changes. The CMU will be accepting foreign currency debt securities for clearing starting from January 15, 1996.

CMU was originally set up in 1990 to provide clearing facility for Exchange Fund Bills and later Notes.

In January last year, CMU extended its services to provide a central custodian and clearing facility for private sector debt securities denominated in Hong Kong dollar.

The service has been very favourably received by the capital market. As at September this year, 233 debt issues with a total nominal value of HK$62 billion have been lodged with CMU, representing 84 per cent of all Hong Kong dollar debt securities issued during the period.

End/Friday, November 3, 1995

Hong Kong Monetary Authority money market operations

Cumulative

Time

$ million (hours)

change ($million)

Opening balance in the account

1,261

0930

+1311

Closing balance in the account

2,372

1000

+1311

Change attributable to:

1100

+1316

Money market activity

+1,311

1200

+1316

LAF today

-200

1500

+1316

1600

+1311

LAF rate 4.25% bid/6.25% offer TWI 122.5 *+0.1* 03.11.95