TNAG-2749-FCO40-3964-Economic-situation-in-Hong-Kong-1993 — Page 225

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Best-performing major stock market in the world in 1991

Hang Seng Index gain 42%

Tokyo

New York

London

drop 3.6%

gain 20.3%

gain 13.0%

For Jan-Nov of 1992, much stronger than other markets (compared with end 1991)

Hang Seng Index gain 35.2%

Tokyo

New York

London

drop 22.1%

gain 4.3%

drop 10.8%

With an average daily turnover of US$61 billion, the Hong Kong foreign exchange market ranked 6th in a global foreign exchange market survey in 1992.

The World Bank has launched four issues of Hong Kong dollars bonds, in May 1989, January and December 1990, and September 1991.

The Asian Development Bank launched the second "dragon bonds" in Hong Kong (as well as Taiwan and Singapore). These bonds had a maturity of five years with an issue size of US$300 million. Government bond programme was launched in November 1991. In the first tender held on 18 November 1991, HK$500 million of two-year bonds was offered and it was oversubscribed by 4.43 times.

The average oversubscription for 91-day Exchange Fund bills has been 2.69 times, 182-day bills 3.30 times, 364-day bills 2.91 times and 2-year government bonds 2.66 times.

The Bank of Japan has upgraded its HK office to chief representative office, the same status as those in London and New York.

MTRC's long term foreign-currency debt ceiling rated A3 by Moody's, short-term debt at P-1.

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