TNAG-2475-FCO40-3605-Hong-Kong-exchange-fund-report-and-accounts-for-1991-1992 — Page 10

CONFIDENTIAL

The Exchange Fund

Report and Accounts for the year ended 31 December 1991

Contents

Page

Report

Foreign Exchange Markets 1991

1

Hong Kong Dollar

2

The Hong Kong Futures Guarantee Corporation Limited

8

Monetary Policy Operations

9

The Exchange Fund Bills Programme

11

Assets and Liabilities

13

Investment Results for 1991

14

Exchange and Investment Equalisation Reserves

15

Investment Policy

Comparison with Guidelines

16

Notes and Coins

20

Accounts

Balance Sheet

Income and Expenditure Account

26

28

Notes on the Accounts (including accounting policies) 29

Appendices

Appendix I : Investment Policy

48

Appendix II : Currency Distribution Statement

54

Appendix III: Maturity Spread Statement

55

Appendix IV : Distribution of Assets Statement

56

Appendix V : Country Risk Statement

57

Appendix VI

: Summary of Foreign Currency

Bonds and Notes

58

CONFIDENTIAL