XN000022-1995-12-13 — Page 14

- 13 -

Hong Kong Monetary Authority money market operations

**

Cumulative

Time

$ million

(hours)

change ($million)

Opening balance in the account

1,423

0930

+9

Closing balance in the account

1,489

1000

+9

Change attributable to:

1100

+9

Money market activity

-14

1200

+13

LAF today

+80

1500

+22

1600

-14

LAF rate 4.25% bid/6.25% offer TWI 122.6 *+0.1* 13.12.95

Hong Kong Monetary Authority

EF bills

EF notes

Terms

Yield

Term

Issue

Coupon Price Yield

1 week

5.86

2 years

2711

5.60 99.96

5.70

1 month

5.84

3 years

3810

6.15

100.77

5.94

3 months

5.67

5 years

5009

6.95

102.47

6.44

6 months

5.62

7 years

7211

6.82

100.54

6.83

12 months

5.60

5 years M502

7.30

102.20

6.88

Total turnover of EF bills and notes - $15,025 million

Closed December 13, 1995

End