XN000022-1996-02-22 — Page 6

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Hong Kong Monetary Authority money market operations

Cumulative

Time

change

$ million

(hours)

($million)

Opening balance in the account

2,007

0930

+795

Closing balance in the account

2,573

1000

+795

Change attributable to:

1100

+795

Money market activity

+796

1200

+796

LAF today

-230

1500

+796

1600

+796

LAF rate 4.00% bid/6.00% offer TWI 123.2 *+0.0* 22.2.96

Hong Kong Monetary Authority

EF bills

EF notes

Terms

Yield

Term

Issue

Coupon

Price

Yield

1 week

4.68

2 years

2802

5.16

99.92

5.27

1 month

4.81

3 years

3901

5.57

100.43

5.48

3 months

4.94

5 years

5012

6.38

101.62

6.08

6 months

4.99

7 years

7211 6.82

102.74

6.41

12 months 5.04

5 years

M502

7.30

104.18

6.36

Total turnover of EF bills and notes - $25,123 million

Closed February 22, 1996

End