TNAG-2475-FCO40-3605-Hong-Kong-exchange-fund-report-and-accounts-for-1991-1992 — Page 46

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CONFIDENTIAL

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h. ACCRUED INTEREST

Credit is taken in the annual accounts for accrued

interest on bank deposits and on securities where the market

price excludes accrued interest.

1. ACCRUED EXPENDITURE

Expenses accrued at the year end are charged in

arriving at the surplus or deficit as shown by the Income

and Expenditure Account.

2.

EXCHANGE RATES

The exchange rates used to translate foreign currency assets and

liabilities into Hong Kong dollars were as follows:

CAD100

HKD 675.00

CHF100

*

HKD573.95

DEM100

HKD 514.00

FRF100

*

HKD150.45

GBP 1

=

HKD14.5665

JPY100

** HKD 6.25

MYR100

HKD 285.71

NLG100

=

HKD455.61

SGD100 = HKD 481.49

USD100

*

HKD780.00

XEU 1

=

HKD10.4365

CONFIDENTIAL