TNAG-2475-FCO40-3605-Hong-Kong-exchange-fund-report-and-accounts-for-1991-1992 — Page 26

CONFIDENTIAL

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INVESTMENT POLICY COMPARISON WITH GUIDELINES

39.

The currency distribution of the Fund's assets at the

year end, together with the corresponding percentage distribution as

at 31 December 1990, are given

given below. Further details are at

Appendix II:

31.12.91

31.12.90

$'000

%

%

Canadian dollars

12,693,507

5.38

4.59

Deutsche marks

10,210,557

4.32

5.21

Dutch guilders

French francs

5,893,490

2.50

2.74

8,670,235

3.67

2.83

H.K. dollars

10,461,919

4.43

1.71

Japanese yen

11,229,847

4.76

5.44

Malaysian ringgit

28,801

0.01

0.01

Singapore dollars

3,530

Sterling

7,213,064

3.05

5.59

Swiss francs

525,182

0.22

1.79

US dollars

164,880,558

69.83

69.48

European Currency Units

3,355,404

1.42

235,166,094

99.59

99.39

Gold

Loan

628,601

0.27

0.35

326,705

0.14

0.26

236,121,400

100.00

100.00

1 2 2 2 BERBE

40.

If the loan to The Hong Kong Futures

Guarantee

Corporation Limited is taken into account, the split of assets

between Hong Kong dollars and foreign currencies at 31 December 1991 would be 4.57% and 95.43% respectively. This compares with 1.97%

and 98.03% at 31 December 1990. Total foreign currency assets at 31

December 1991 had a Hong Kong dollar value of $225,332.8 million

which represents an increase of 17.16% over 31 December 1990.

CONFIDENTIAL