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32.
(c) Floating of HK$ bonds in China
Fujian Investment Enterprise Corporation (FIEC) recently launched a HK$ bond issue in Fujian. The bonds, which are in denominations of either HK$200 or HK$1,000, have a maturity of two years and offer an interest rate of
5% per annum. They are available for subscription both by Chinese residents and by compatriots residing in Hong Kong. All subscriptions had to be placed directly in the
Fujian Province with the BOC's Fuzhou branch, which was the issuing agent. Considering its small size (HK$10 million), this bond issue is not expected to have much impact on Hong Kong's monetary sector. Nevertheless, it has implications for the development of the Hong Kong dollar into a 'regional' currency in China.
33.
(d) Bank of China (BOC) Group activities in
Hong Kong
The following tables provide some indicators of the activities of the BOC Group in Hong Kong.
Total deposits with BOC Group*
% share in total deposits with authorised
financial institutions
% changes over end 87
Position as at end 88
(HK$ Mn)
HK$
76,287
22.0
+5.0 (+12.0)
Foreign Currencies
102,292
20.5
+54.0 (+26.6)
Total
178,579
21.1
+28.4
(+20.2)
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