XN000022-1996-01-04 — Page 9

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Works will commence tomorrow (Friday) and are scheduled for completion in about 27 months.

On completion, the project will provide land for the construction of roads, drains and other infrastructure to cater for future developments in the area.

End

Hong Kong Monetary Authority money market operations

**

Cumulative

Time

$ million (hours)

change ($million)

Opening balance in the account

2,281

0930

-272

Closing balance in the account

1,274

1000

-272

Change attributable to:

1100

-272

Money market activity

-272

1200

-270

LAF today

-735

1500

-272

1600

-272

LAF rate 4.25% bid/6.25% offer TWI 123.2 *+0.4* 4.1.96

Hong Kong Monetary Authority

EF bills

EF notes

Terms

Yield

Term

Issue

Coupon

Price

Yield

1 week

5.35

2 years

2711 5.60

100.49

5.39

1 month

5.35

3 years

3810 6.15

101.65

5.58

3 months

5.35

5 years

5012

6.38

101.79

6.05

6 months

5.35

7 years

7211 6.82

102.99

6.38

12 months

5.34

5 years

M502 7.30

103.98

6.43

Total turnover of EF bills and notes - $25,773 million

Closed January 4, 1996

End