XN000022-1996-06-03 — Page 13

12.

Hong Kong Monetary Authority money market operations

Cumulative

Time

change

$ million

(hours)

($million)

Opening balance in the account

1,778

0930

+182

Closing balance in the account

2,730

1000

+182

Change attributable to:

1100

+182

Money market activity

+182

1200

+182

LAF today

+770

1500

+182

1600

+182

LAF rate 4.00% bid/6.00% offer TWI 124.0 -0.1* 3.6.96

Hong Kong Monetary Authority

EF bills

EF notes

Terms

Yield

Term

Issue

Coupon

Price

Yield

1 week

4.96

2 years

2805

6.30

100.16

6.31

1 month

5.03

3 years

3904

6.30

99.14

6.74

3 months 5.11

5 years

5103

6.75

97.90

7.41

6 months

5.23

7 years

7305

7.60

99.50

7.84

12 months 5.61

5 years

M502 7.30

99.35

7.61

Total turnover of EF bills and notes - $14.298 million

Closed June 3, 1996

End