TNAG-2475-FCO40-3605-Hong-Kong-exchange-fund-report-and-accounts-for-1991-1992 — Page 16

CONFIDENTIAL

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During the period, the US dollar

rose from

(31.12.90)

DEM/USD

1.4913

GBP/USD

0.5172

(USD/GBP 1.9335)

YEN/USD

135.40

CAD/USD

1.1598

to its peak at

DEM/USD

1.8349

GBP/USD

0.6238

(USD/GBP 1.6030)

YEN/USD

141.55

CAD/USD

1.1633

and fell back to

DEM/USD

1.5175

(31.12.91)

GBP/USD

0.5355

(USD/GBP 1.8675)

YEN/USD

124.85

CAD/USD

1.1556

Overall, for the whole of 1991, the US dollar

rose by

1.76%

3.54%

against the mark

sterling

but fell by

7.79%

against the yen

0.36%

the Canadian dollar

CONFIDENTIAL