TNAG-2475-FCO40-3605-Hong-Kong-exchange-fund-report-and-accounts-for-1991-1992 — Page 63

Outside

management

CONFIDENTIAL

- 50 -

LIMITS

(c)

investments having

Not permitted.

a maturity

5.

exceeding 10 years.

Between 40-60% of foreign currency

assets

should be placed under outside management (excluding

central banks).

The Fund or any part of it may be employed as

follows:

Authorised

6.

debt

obligations

(a)

(b)

(c)

on deposit with a bank;

in marketable dated obligations issued or

guaranteed by any of the following governments:

Australia, Austria, Belgium, Canada, Denmark,

Eire, Federal

Federal Republic of Germany, Finland,

France, Holland, Hong Kong, Italy, Japan, New

Zealand, Norway, Singapore, Sweden,

Switzerland, United Kingdom and United States

of America;

in marketable dated obligations issued by

state and provincial governments, state owned

corporations and government agencies located

any of the countries mentioned in

sub-paragraph (b) of this paragraph;

in

CONFIDENTIAL