XN000022-1996-08-20 — Page 5

4.

Hong Kong Monetary Authority money market operations

Cumulative

Time

change

$ million

(hours)

($million)

Opening balance in the account

1,574

0930

+386

Closing balance in the account

1,918

1000

+386

Change attributable to:

1100

+384

Money market activity

+384

1200

+384

LAF today

- 40

1500

+384

1600

+384

LAF rate 4.00% bid/6.00% offer TWI 123.8 *-0.1* 20.8.96

Hong Kong Monetary Authority

EF bills

EF notes

Terms

Yield

Term

Issue

Coupon Price

Yield

1 week

4.93

2 years

2808

6.00

99.88

6.16

1 month

4.99

3 years

3907

6.80

100.96

6.54

3 months

5.15

5 years

5106

7.23

101.00

7.10

6 months

5.27

7 years

7308

7.24

99.48

7.47

12 months 5.59

5 years

M503

7.35

99.83

7.53

Total turnover of EF bills and notes - $6,755 million

Closed August 20, 1996

End