ࡱ> gOh+'0 ,8 T ` l x(Report on the Currency Board OperationsepoHong Kong Monetary AuthorityOpeong Normal.dotoHKMAl.d5MAMicrosoft Word 8.0A@Ik@Et@p2t@Et!ړo2(~-z?՜.+,D՜.+,p, hp  Hong Kong Monetary AuthoritynH) (Report on the Currency Board Operations Title 6> _PID_GUIDAN{B5CFDB05-95D0-11D2-BD3B-0020AFEA84D0Annex A Report on Currency Board Operations This report covers the period from 27 January to 26 February 1999. During the reporting period, changes in the size of the monetary base were fully matched by corresponding changes in the foreign reserves in accordance with the rules of the Currency Board arrangements. Hong Kong Dollar Exchange Rate and Interest Rate Movements Hong Kong dollar exchange rate   AUTONUM  The Hong Kong dollar exchange rate remained stable during the reporting period, trading within a narrow range between 7.748 and 7.750 (Chart 1). Reflecting increased purchases of US dollars before the Chinese New Year, partly by the Note Issuing Banks to provide backing for additional banknote issuance, the exchange rate briefly weakened and touched the Convertibility rate of 7.75 in mid-February. The HKMA bought a total of HK$3.41 bn for US$440 mn under the Convertibility Undertaking from 12 February to 15 February. The Aggregate Balance shrank correspondingly and the exchange rate strengthened slightly to 7.748 on 19 February. The outflow of funds was quickly reversed after the Chinese New Year holidays. To replenish the Aggregate Balance, the HKMA sold HK$3.64 bn for US dollars on 19 February. As liquidity conditions tightened towards the end of the month and the exchange rate strengthened, the HKMA sold HK$775 mn for US$ during 25-26 February. Interest rates  AUTONUM  Following a brief firming due to month-end effects in late January, interbank interest rates eased in the early part of February. 1-month HIBOR, for instance, softened from 6.38% on 29 January to 5.06% on 5 February. The supply of interbank liquidity was substantially reduced in mid-February as a result of the outflow of funds. Reflecting the future settlement of the spot purchase of US dollars on 15 February, partly by the Note Issuing Banks to provide backing for additional banknote issuance, the Aggregate Balance for 22 February was at one point forecast to drop to a negative level of HK$0.97 bn. The market reacted calmly to the shrinkage of interbank liquidity, as it largely reflected seasonal factors. 1-month HIBOR firmed moderately, to 6.38% on 19 February. With the Aggregate Balance returning to a positive level immediately after the Chinese New Year holidays, 1-month HIBOR quickly eased to 5.88% on 25 February and remained around that level at the end of the reporting period (Chart 2).  AUTONUM  Notwithstanding the movements in the Aggregate Balance, interest rates were generally stable during the reporting period. Interest rate volatility measured in terms of the standard deviation of 1-month HIBOR declined marginally from 0.48 percentage points in January to 0.39 percentage points in February (Chart 3).  AUTONUM  With US interest rates remaining generally stable during the reporting period, the differential between Hong Kong dollar and US dollar interest rates was mainly affected by the movements in the former. During the period under review, there were two occasions during which the spread widened - in late January due to month-end effects, and in mid-February when the Aggregate Balance declined. On both occasions, the spread in terms of the 1-month rate widened to around 150 bp. As the outflow of funds reversed after the Chinese New Year holidays, the interest rate gap narrowed to around 100 bp (in terms of 1-month rate) by late February (Chart 4).   AUTONUM  As the changes in liquidity conditions were largely due to seasonal factors, longer-term interest rates were left relatively unaffected. During the period under review, the yield on 5-year Exchange Fund Notes eased by 3 bp to 7.10% on 26 February, while the yield on 10-year paper edged up slightly by 15 bp to 7.30% (Chart 5). Yield spreads between 5-year and 10-year Exchange Fund paper and their corresponding US Treasuries narrowed slightly by 73 bp and 50 bp to 176 bp and 190 bp on 26 February respectively (Table 1).  AUTONUM  In the retail market, the savings rate under the Interest Rate Rules of the HKAB remained unchanged at 4% during the reporting period. The weighted average deposit rate offered by 44 major authorised institutions for 1-month time deposits (which are outside the Interest Rate Rules) declined marginally from 6.3% on 15 January to 6.2% on 5 February, before rising to 6.7% on 19 February. The effective deposit rate (measured as the average of deposit rates weighted by type and maturity of deposits) continued to fall, from 5.38% in December 1998 to 5.12% in January 1999 (Chart 6). Base Rate   AUTONUM  The Base Rate remained unchanged at 6.25% (150 basis points above the US Fed Funds Target Rate) throughout the reporting period (Chart 7). Monetary Base  AUTONUM  The monetary base, which comprises the outstanding amount of Certificates of Indebtedness, coins in circulation, the Aggregate Balance and the outstanding amount of Exchange Fund Bills and Notes, increased from HK$193.34 bn on 27 January to HK$202.81 bn on 26 February. Certificates of Indebtedness accounted for almost the entire increase, reflecting the seasonal demand for banknotes associated with the Chinese New Year (Table 2). Movements of individual components are discussed below. Certificates of Indebtedness   AUTONUM  The three Note Issuing Banks (NIBs) submitted to the Exchange Fund a total of US$2.61 bn from 27 January to 15 February in exchange for an increase in Certificates of Indebtedness, from HK$86.33 bn to HK$106.71 bn. As the public returned surplus bank notes to the banking system after the Chinese New Year holidays, the NIBs redeemed a total of HK$10.45 bn of CIs in exchange for US$1.3 bn during 1526 February. The outstanding amount of CIs stood at HK$96.26 bn at the end of the reporting period (Chart 8). Coins   AUTONUM  The total amount of coins in circulation decreased slightly from HK$6.31 bn on 27 January to HK$6.21bn on 26 February, representing a marginal decrease of HK$0.10 bn (Chart 9).  AUTONUM  The HKMA announced on 1 February the new backing arrangements for coins in circulation, under which the issue and withdrawal of coins in circulation will be settled against US dollar value at the fixed exchange rate of HK$7.80 to US$1. The new arrangement is scheduled to take effect on 1 April. Aggregate Balance   AUTONUM  On the back of the rumours about RMB devaluation, the exchange rate briefly weakened to 7.75 and the HKMA sold US$10 mn for HK$77.5 mn under the Convertibility Undertaking on 25 January. As a result, the Aggregate Balance declined slightly from HK$2.52bn on 26 January to HK$2.44bn on 27 January. It remained at that level until mid-February (Chart 10).  AUTONUM  In response to some outflow of funds ahead of the Chinese New Year, the HKMA sold US$220 mn for HK$1.71 bn under the Convertibility Undertaking on 12 February, which in turn caused the Aggregate Balance to shrink to HK$0.74 bn on 19 February. Due to the purchase of US dollars by the Note Issuing Banks to provide backing for additional bank notes, the HKMA further sold US$220 mn for HK$1.71 bn under the Convertibility Undertaking on 15 February. The forecast announced at the end of that day indicated that the Aggregate Balance would shrink to a negative HK$0.97 bn on 22 February. While the Aggregate Balance was forecast to dip into negative territory, the magnitude of the decline was much smaller than the increase in CIs. The monetary base as a whole still registered a considerable increase, suggesting that the NIBs had funded the US dollar backing for additional banknote issue partly through their US dollar holdings and partly through purchases of US dollars from market sources other than the HKMA.  AUTONUM  The tightening of interbank liquidity and the redemption of CIs after the Chinese New Year holidays tended to reverse the outflow of funds. With the exchange rate strengthening to around 7.748, the HKMA sold HK$3.64 bn on 19 February to replenish the Aggregate Balance, which returned to a positive HK$2.68 bn on 22 February. As liquidity conditions tightened towards the end of the month and the exchange rate strengthened, the HKMA sold HK$775 mn for US$ during 25-26 February. Outstanding Exchange Fund Bills and Notes  AUTONUM  During the period under review, no additional issue of Exchange Fund paper was launched. The total outstanding value of Exchange Fund paper decreased moderately from HK$98.26 bn to HK$97.28 bn during the reporting period due to valuation effects. During the review period, 13 maturing issues of Exchange Fund Bills and 1 maturing issue of Exchange Fund Notes were rolled over. These issues were all well received by the market (Table 3). Holding of Exchange Fund paper by the banking sector in terms of nominal value decreased from HK$80.38 bn (82.5% of the total outstanding amount) on 27 January to HK$78.47 bn (80.5% of the total) on 26 February.  AUTONUM  The HKMA announced on 1 February the new arrangement to allow the outstanding size of the Exchange Fund Bills and Notes to rise in line with interest payments on the Exchange Fund paper. The new arrangement is expected to commence on 1 April. Discount Window Activities   AUTONUM  Banks borrowed a total of HK$7.09 bn from the HKMA through the Discount Window from 27 January to 26 February. The daily amount involved was generally less than HK$500 mn. There was only one occasion when the amount exceeded HK$1 bn and it was related to tightened liquidity ahead of the Chinese New Year holidays (Chart 11).  AUTONUM  An overwhelming majority (HK$7.05 bn or 99.4% of total) of the borrowings made during the period were collaterized against Exchange Fund Bills and Notes. There were only 4 occasions (HK$129 mn) on which banks borrowed an amount exceeding 50% of their holdings of Exchange Fund paper and therefore were charged the Base Rate plus 5%.  AUTONUM  During the period under review, a total of 31 banks borrowed overnight liquidity through the Discount Window (Table 4). Most banks used the Discount Window facility only infrequently and four of them borrowed more than 3 times. Backing Portfolio  AUTONUM  At end-January, the total asset value of the backing portfolio was around 109% of the monetary base. Under the linked exchange rate system, although specific Exchange Fund assets have been designated for the Backing Portfolio, all Exchange Fund assets are available to support the HK dollar exchange rate.  To be consistent with the Currency Board Accounts, starting from this report, the market value, rather than the nominal value, of the monetary base is presented. PAGE 7 PAGE 3 Table 2 Monetary Base(HK$ bn)27-Jan26-FebCIs86.3396.26Coins in Circulation6.316.21Aggregate Balance2.443.06Outstanding EFBNs*98.2697.28Monetary Base193.34202.81* The nominal value of outstanding EFBNs remained unchanged at HK$97.45 bn. Table 1 Yield Spreads between Exchange Fund Paper and US Treasuries (basis points)27-Jun 9727-Jan 9926-Feb 993-month56140911-year212371773-year32381715-year2724917610-year54240190 Table 3 Issuance of EF paper (27 Jan 26 Feb)No. of issues launchedOver-subscription ratio1-month EFB41.97-3.933-month EFB50.90-2.756-month EFB32.32-3.591-year EFB14.252-year EFN14.83 Table 4 Frequency of Individual Banks Access to the Discount WindowFrequency of using Discount Window (27/1-26/2) No. of banks12124324251>51Total31  LINK Excel.Chart.8 "HKMAOA_RESEARCH.\\ECO_STAT\\CB\\MP_STAT\\EFAC_SUB.XLS" "chart 2" \a \p   LINK Excel.Chart.8 "HKMAOA_RESEARCH.\\ECO_STAT\\CB\\MP_STAT\\EFAC_SUB.XLS" "chart 3" \a \p   LINK Excel.Chart.8 "HKMAOA_RESEARCH.\\ECO_STAT\\CB\\MP_STAT\\EFAC_SUB.XLS" "chart 4" \a \p   LINK Excel.Chart.8 "HKMAOA_RESEARCH.\\ECO_STAT\\CB\\MP_STAT\\EFAC_SUB.XLS" "chart 6" \a \p   LINK Excel.Chart.8 "HKMAOA_RESEARCH.\\ECO_STAT\\CB\\MP_STAT\\EFAC_SUB.XLS" "chart 7" \a \p   LINK Excel.Chart.8 "HKMAOA_RESEARCH.\\ECO_STAT\\CB\\MP_STAT\\EFAC_SUB.XLS" "chart 8" \a \p   LINK Excel.Chart.8 "HKMAOA_RESEARCH.\\ECO_STAT\\CB\\MP_STAT\\EFAC_SUB.XLS" "chart 9" \a \p   LINK Excel.Chart.8 "HKMAOA_RESEARCH.\\ECO_STAT\\CB\\MP_STAT\\EFAC_SUB.XLS" "chart 10" \a \p   LINK Excel.Chart.8 "HKMAOA_RESEARCH.\\ECO_STAT\\CB\\MP_STAT\\EFAC_SUB.XLS" "chart 11" \a \p   LINK Excel.Chart.8 "HKMAOA_RESEARCH.\\ECO_STAT\\CB\\MP_STAT\\EFAC_SUB.XLS" "chart 5" \a \p   LINK Excel.Chart.8 "HKMAOA_RESEARCH.\\ECO_STAT\\CB\\MP_STAT\\EFAC_SUB.XLS" "chart 1" \a \p  12AC~=-{  c $ *hp 8Tepqrst}~   3CJnH jUmH5CJ jCJUjCJUmH>*CJCJ6CJCJCJWP     12ABC~s t u $edhDC$Eƀ     12ABC~s t u pr{vqlg  (u pr$e$额鉄zupkfa\:; WXYZ[\]#$e{X<"XYbcd' _"`"i"j"k"c#x###O$z${$|$$$$$''' '((9(:(;(<(E(F(G(k( 5>*CJ jUj6CJUmH6CJjCJUmHj0J5CJU5CJ jCJUCJMWX^"_"M$N$O$y$z$''((((((((9(;()) $eWX^"_"M$N$O$y$z$''((((((((9(;()))**++++++Ŀ~ytoje`[BCDYZtu{|!))**+++++++++8-9-:-;----------&`#$ $e$Ik())))*******++++++,,,g,;-<----------------...*...;.P.[.m.x..../U////0007080D0Q0]0j0v00000111žžo(CJCJ655CJ0JmH0J j0JU j0JU 5>*CJ>*CJjCJUmH5CJ jCJUCJI++++8-9-:-;--------..".).*...4.:.;.P.U.Z.[.m.r.w.x.........// /U/V/W/a/k/u/v/~/////////////////////////////0000   R-....".).*...4.:.`Dzz$$ $:$$TlF ,$$dh$&$$Tl4,$dh$$$ :.;.P.U.Z.[.m.r.w.x........tt$$Tl  ,$$$ $$$Tl  ,..// /U/V/W/a/k/u/v/~/pL$$Ta D "$($$T 4 $$<$$TlLF , ~/////////////////////////LHLP$$$T D "$$/////00007080D0F0P0Q0]0_0i0dd$$Tl  $$$$$$Tl  $$Tl $$07080D0F0P0Q0]0_0i0j0v0x0000000000000000011 1.1/11141517191:1<1>1?1A1C1D1F1H1I1L1N1O1U1X1Y1Z155  9i0j0v0x000000000000000001dLL$$Tl $$ $$$$$$Tl  11.1/111K1L1O1W1\1]11111112222 2!2}2~22222222222A3B3C3D3F3G333333344Ŀj&: PJUVmH ju-Uj': PJUVmH j"Ujkz: PJUVmH jUj(: PJUVmH jkUj): PJUVmH j Uj+: PJUVmHj5PJUmHj,: PJUVmH jUo(011 1.1/11141517191:1<1>1?1A1C1D1F1H1I1L1N1O1($$Tl$$Tl)$$O1U1X1Y1Z1[1\1112 22222E3F333 4 4l4m44/$$Tl0$$}Oh+'0 ,8 T ` l x(Report on the Currency Board OperationsepoHong Kong Monetary AuthorityOpeong Normal.dotoHKMAl.d5MAMicrosoft Word 8.0A@Ik@Et@p2t@Et!ړo2(~-z?444 4 4h4i4j4k4m4n4444444-5.5/5053545555555dfhjl0JmHCJWCJ jIUj!: PJUVmH j@Uj": PJUVmH j3;Uj#: PJUVmH j6Uj%: PJUVmH jU j22U&+ 0PP&P . A!"#$%`!P;ϔ78DYXWxOAL[ @ATB¡[*& 4h@1&hlW.$&\=Eڴnn潙fw >z2%B2& MO\L$)WܪUxɂ z@j=uX;@O/?3x=P4z/Un=JK+R#VE{eDugؓT" 8fKo}C4!![C6lYY!hvm!BEEV7~h'׌呕ňfR,,lj&%֑#+ + jGq\8j]*x6n -I(|9LAZyWg,kmXKG㟗]/^ihR5XurVCUmH+{,"<<}dJJfDIdbbrrȶm#CjG5K!K)A~+nZ,,lUdm,҄+Z\<䒻ڭ7uCֽd#& xq؟fI7&21.hkM-ɤkKD&xH?H b?޶Ljeg)Q[HS9>ǜXשM_olƘ + x>n?Ye4Qha*HC .m+hL*hHl%7>Bb\?@Or ]vgBM}әvb(og9wfND&:`S)bT!P;HHFrӗHD_z=xRƓ1ajjձG_!4#F >Ja(sgFCa6"LPm7eȎ?(|.-͙{Շ=RE9N g8ƞF50R')=0RyHq<(Iqt1)1?0R;)1)K0i)/a8.8nRHql`sJnӓKg&[S%[7ݍa3AFSLFj-.{ &leBչ᤬ʎɊN3h&==$VI\)TLZ"U+^/5ZuRz~v~Q;R;\׆y6GWoszljzU}Θp]sė-.ST00g+vɞ7Y:n7`ME]ieF/q<;l&?WCUϖ0[uH~ VGxrG;Aqr=Ũ1Aԧ E7)q Rt)Rr; R :`mAru Ex]"EsrAW RV؞"}&HQ EcxrNz&W5/o=kOrԜ7mƸ_Y㷪/`-q{|L{&w ݼ$ c Xhpta|>5x`]j v|b]ng+mb㰆[[nfۘ~?-(k/u6Kwn擰B=wv1TEjo߱aq 5 S`! l] g$ڄMg$YXW xZ pV>߽ @YJbXYa3F!dC)FMejiEjթ2XBŊ={Ͽ$vB2/;yw;^@D)O<CPPšW*(D7f#*ыxkDY"VqZX*x-;bNaLߨxr?q!ul}3.x*Zڥ͑ 62ՉB峣WY_P>JPaT( UTU[2:sÞXZQ(y\䂪Jr%ASt-^8n/W!\p% ww s $u*SS=%|dMnp{ nr p w^Q/Om/%d8 x#D3T KUWP'/L4Y9# ?&?s-6+~c[TlV6WH}E(Y \VPP9T[ _O:ZΡz-PP}7 p!;h8i9PP堝UTYΡw-PP#wLp(r5dv*-6#ᡲ ѾHIx{w?նdGUxO<Rkm˶:h+ oSGf[m'}Dς 'xfsܜ9A.?AhtU£>Gt]m=''Vo,*עck"$|CVk;~K=V[7Z_(J"|@l!΅wi mr4G%(c*Q%.mkT= [aUpc: Sr_8Z2G7qYi7ͥ%&eK`ݎB ҰۭNٱ٢=/Z> u[.wu & z/7Т&0b0{U<XюVc ˇb;˽z15)T(lkI-fq fáamlk\ŭ[> w_ \"˱°j 8׎]q. :Ӧ#qbtc8p.1}xSȵ?,=;%gE9Kβsg\^NrozH '/_M]x (w0բrx5 T$4TqjdTM7ЂY$hRyhFq9jGጢ[7um.>nRjfCv Ѧk!c[5lh v Qⱃ-Cjm?EQ}1cݧ>Iq= =ϲQoL1c6m*mJ'T, Mcۡ1Hg4TJ;ٛ.9KYw?XMeۡZֲnw1&5(ڍĭ6DvxG*)mvTfڧ;R ?`AHa6=(7D:T=:mO:*ڣ;%c=.ݘQ)OF;p|RxdO:v3 ў=6S_KFvgּS}͖쉳oh4׃ 6].m+z0iú aۭ"Wn:ݵa`ݭvREG"C!SvՎdGyG#Oޫ_x4zslOB=BV>ݳH-| 0H]>CE;Dbz:r r/N5Jyz6s1V`ߩFk8]V% tnR%*E"—_ҋ9*מ0;*u?lPhK|yG9_*m.|ZKQ˼r>>R[Gq.׆-].oVZaSZ-hUL7F߈zWfG7bb.f= [agSvEM_;agY -hǼ7npz<7e{_I?f]Xkp5\Nf%y,\\f6nAOœ1l^,mJb_Sjeɥ'+]S'M1mS?qv7rĚxqͼG =gG-|fRR_sUwFfߴ nEy;~1ϛYɤgϺ{ӼQFVޕo#73~o/o]^W= jsF΄׺qܚ&/H-Jm<^Ҍ/?^ZZ9"k j~kg(t =.kkOȂ59dQc]}w2H7{"G7ڇRpc>/t4E:mQ$m-.mmv.DP}W"/I`! 9TߓRYXWxoLQ9oSôw4ib:{;s9׹=fb `%j&QHJ1%!b:H ûRkOWUcԶ]/fdu ( [ ւΏxDp&HBjA_3rrr{&Swr4ͭk痜MhU*yenmb/c^UlgÝឱB v>[/)^. J<[*Ϟg=틌OV{o!GӗV ZQUMx6ٌg3 04:tMy6n/ꃣ Ț+=V/Gd%cMvѽlvGˤ_t-()?.\\\Ddb@C({vޱwI#Diγw}Dٟ^D)6>^qL1Q.wQ`mQ>ac4Lre9&Ju(E_PG1Qc}@3Qfqc< d8+^ e6Ԙ򄳧 wߓfΩzYkqͺ6.7ۇ '&1ؖ4.V{˅PPxjP+cGp1Y?:V*@;αv㩝=ur2|WlK} 3L ڒ1֕|>/{gfJܷy]faޓy^-FO;I#=yla6 [t7zbt 9{KӴٰf6]笵7Z;z%Zq $q㬟IYwkĺ0Kuw ϝ3KX/)ȌeA3}l{Ok_[;4.N|F~ ~`! 9ZIJJsAH"YXW x{o}{..\ Xmiw0^יK~jW]!N \:uu{; 5W<ەf>(Cٵr*!]*.?TZ-lbTULVn/Ay-Sn^JG3QWDʁW"kȮVCd*p\Zv0ʁW(nPY"xy޶Hyy5+_ /WlNO+Z,dƻYE)X+ߓ,ϣ^PZ-bO`! Wnj8uȾ^}weTE9𮓣d=f,5&8>ECs%{&k֜w:k t`ӼveR> >GR> Z>#!TJ.U[_л8/%YD(ԎG*덒BqldZ$xJl*:D*Ƶܝ5xUZs0-?Vo4mzii:k&E2nལA&fe.eLk-9 72N7t5-dg vx:G:A?^'HM5ܬ"jjG9' ֓xzu̴AGb?}1D﷘D׎=`1<?b=$Z5kdgV*NIt/9G3Q*# I92`uhu= }IDnDy靊d\ɧ0G3>g ^,yYC{GO~_@^(\v^o˺Y_B/WS(>*)6jŞ8Ry̨uPvwʌg>k'֑m& v:6'{=iʠ;MdoLcIIg$v< aTQvdw{Tk, 5\=y[s%dK+Rd+P_KwycɎSojni%ۊ Nɶݮum~t tI~Lumɾ|׾jU[ {?RnSr[osw٬,D06 _<.fqFA d%{/FA d[?/B4O/o2U5Zuwgdc<6b,6Zxl-6J6geQFm5#o914V 5dw}3v,3:o7)я诺Y,PWw "ßb/S'#W2Wql+}}]L)Ucaj8j37cE|J>Lc}*q`Z[]hyp䎛9E?o[Cr*mT[e"U&S9e*b<Oclke\gP53ڦ4ij7ܵږ斶IkN]{Զ殝`>Z']N]/S֒v3s׮ j'6# :yX-P?_2gB̴n.ZoljySWS*^®zx;DWh\;7R~uYg ===DywڵY̗:}8O}s񋊮&_>+lsA-wHٓ95O7[oH_Ѷ2m!;U35Ǵ}@Uٹغ&lJ&uR4`!2 {DTfL^'I bXW x՚pU}p L(%@ pӤF_+ %A 3vPH2(TbT(`+AiiΤg8-3'ٳ{H?D"Oil}Hvuu {>HͿM]]gJO6#e*Eoar?իWȊS Y\iS򘌄cGNh[ G_ e[2!^r _ņHz툶^dB/n})?r+xwvا 'd؝_؝B=n"L/ ն'K^0h_FP4iB@U)i51adɬh}uJ:-5U|nu50m<\zM,纠6鄶u50K^ jk`jW%2Zզa@;V m!v^pei 1,x9.W[ /WBbc(qlj|RUdVa5$T1S51mb VthQ(Ÿm~+U%U\=栊/(M3-vkEFW+UU&U\YkE9j3נzTQUEх0-ж>-4 #&ل&QRk8G+T^ux#~5OHQw]o5=6n;$E؂i 8V=YmktF,hCmm-L[gARhx=̺msoli3oa߅]3ڢL9Chϳ#jQ\]יtu"I Y?]'>u)j?۾' 7|L5|JWU92b[j ;mML6D}0L?GikdjodB!<(+,uF|w\}vev/yx꘤.]iYZ¤ 9dm݃QNFi>}{/Ԯ"Tn0S{@;WZjvRų9k0GmRY*R[VB嬫fjFE[ն`1E&h7nS 3>ú"Lv'/kKZmJ9<:jnbWyд +4'[hj:xz:qYGoj[t%śNC{J?uvr:Y.ȥWMWxe|zK"r ]57My%|z5/hȇ骬k.5O[E1ZTR/mLHbѦ;Ai%m]ixms.9*jp=YHYڂLdYv@̧\m .$0S>gw <<>wh SNSEy >wr*)*VQ4ڹN k+cjKJh! 3\0%4?i93AM-EKY[i9E-Fm#(ʳ(Z0o*hcY|űhRx=נb=Wr1OBg`+6GQSq MSeslU[*VYVRd~UD?㞟Jw9]e~mL :V^Ne |`fC\kʙڙ} c:1 meL=IDz7,}w=3oSxߧ6O e9{o\anT^뤋oUQo;- 64f,S|Ӛ.^GgOV. Tg 6Vg몲OUIGRGs((HuCRGѡ-??uڍO:@\7:.u7h\yy ⌘)f]g׬%Z;عGygS#q-ZMG~A@_1; q|SdxG `5Ǘ#Idج#4CZ䮶j/{3مK3g_Om`υp29IGGKxeesm[fOty'7e_zxGLG4JJ)Z}melqg h*Zc!3%#G8:=MY`+үQ %j4U$lzӤ{g i}y`! ~-z?!I bXW xZklTcN`֎F! "%#րƲM@j%DM< U<9(ulģEJJ(BIHQi=sov. (η3ܽsR])"WrER% !sURgڢy*_,OFrDy#g&,yTyzw{)}1(-Fı%rL}> =-D+RXY"+n#~Z_J"W= ҎK芺 Ƞs;w{OD[ُR,J[roI+bpc.Uj t 5KpMFYG; 0K.g<n\ڹ*"`#Z!{x{Jj6]NgXv֙#}̦uڏ%}ͦuگjdM&]9&iˁ@U2UUJTR;4y];E#4N9E3|wi-@!HM봛ڀ#,l.r'P"]&i{b/|},(6M^!dqtlX `(A e E}ME~(8Ja6Me:@N &i}M봟 h*T)>Us&7IeLRYUzJ"BQ4y]b)WV[NJ6MVB[Tʢh((EcugXAUlX]քXP)l.Yl$f6Mn@,k eFQwi;ЧYtM}>S;ĦuCB;H!6MAϑnM# UbCxæ">bt4N{ О'E6M^v )]f:ehK)Ϙ&ir=%]>&i<-d:¤{/5+ƦЧ n"]3&i]:ҵib6hH($vBI>6Ml,@BߓJbtib5ht" 8NQ4y]1@;FI\(s eq^`u/ϧSMibv /.# c5b{YA~wId9v˱3? /δؙ.]LpVi3]{ؙ;|϶`gz3mwP3vp5^i-$ؙǚifxveoeؙcgZs}O1R܍Jr-sQY?gorY`,}e}B勻ϛ$ӟSې[Awǽ;:z+h#r]šYFhmGo<vtm>lC RR\]J=\1*Gi IWE܌0\L|u]98-ωT[i\3gl F0 3+ &bfb$3Ya=V.(ͻd[x2x||oSfo9_{3{}ocf]{+_qb= ߻";33C7xGņi}L)ѷVEhQBd-EMk&VdL;^y겔S$o?066&.OMĕi  zDŽyDfרR~oJVD&ew@YȔqgey<yge{wٵ=n.65|u{U6c=n#_ݞ*5˦vb/bTNCgk<* iߑMvMg##7Tdm3Bje`!- RBK b<98mYXWxLǟ\^ʅ .ީ%[ն"aa]:)΁f\K(ZMVtK [4mc6vZM4s{^:`/9yy}"xRҠ'R0 E4$RIx udX%z<Rh]Ւ;9}kDx)MO}/,"[+kSba 3#1-"16i$CZG&L-eIyss3,T>{-T}~>E[yB|4Ľ$Eb&u[\u_B}xs+66wyv+^Qdhh m`o{BG}D%%C]a {x>w=)g+鵲-nWXqdӣ/\%$(nۼ%\ 6Sp^FĿ`P{Fߡ];y {DQڪYǜ w$(MCPEШR u qTZC%՚3WĚj%s^Up)S+u{Xc̖R| )(ǡTELsyrb 1ge>f [?urp[,9*1; lV3b $H h ntOiF}< l7zG+Qt%.Aw1QQjizH;=uVpˉ[ډk.*mSt7ۘMa0+f_#n?Z&Jװ*6owT.]eLjQhւ̞NSV+%C1{ !C͗6LVTi( z)[iF0C*EH;gv>q%*EH;l O1JWRa;lT5իdg&vdv؝̶0B*Yuf` dv̶ |u@'jdv;upG;Ea3a6B,{٫^%nP%2;0q>Liy{ '.W%2;9dvf32,[lըdvf1*Yv+/2"qTH;.f_eUTH;l=@ܻ*Y]fz)sly=\9U)K.S4*@ߞ{Ĩ̃G;|=;j|O)'f,ws9\[Oxn7|l#cxXrS? CYt]m`!PYtHX1 H]W|8DSC]ڍ? 65n ojviMR0],3S(|_tNdo&}1~F_#;jT[̧3j;SNv h]; x&7yTy^n"T姕i`ty%| \Eb!"Wy.[zPySK8*+ߝq{+i/qn#7㺛y_oZ0%/vYǎ?<iŮjY!pC]~YSCpa4HFkSW{N;_aX}8Z*Z yQF0/ߣn !mtm5U#:e,׼0`!EI]XYXWxMhS[g&MRWړPA[~UxF ;mMmBl\EpM>ަ.}ϝĝQɽ-bz3s=3'"MC?#u VAVmѶd-U0?X)AYV6|~&h3V^!6+EDEX) 9Y)*KX)8aV'GKSstHyb<=^ =^]k3h [4W{,O 6?*s/:Np6ؕ0;Ͽ] χCC!>,`~8?㹆υqyzl~#h6gҿx?[Z`6ں`l>º;z8ں`2힟ZƳ|6ںhmg=MfPC44152535555555fjl Dd?92#1a<   C A ? 2 9ZIJJsA f`! 9ZIJJsAH"YXW x{o}{..\ Xmiw0^יK~jW]!N \:uu{; 5W<ەf>(Cٵr*!]*.?TZ-lbTULVn/Ay-Sn^JG3QWDʁW"kȮVCd*p\Zv0ʁW(nPY"xy޶Hyy5+_ /WlNO+Z,dƻYE)X+ߓ,ϣ^PZ-bO`! Wnj8uȾ^}weTE9𮓣d=f,5&8>ECs%{&k֜w:k t`ӼveR> >GR> Z>#!TJ.U[_л8/%YD(ԎG*덒BqldZ$xJl*:D*Ƶܝ5xUZs0-?Vo4mzii:k&E2nལA&fe.eLk-9 72N7t5-dg vx:G:A?^'HM5ܬ"jjG9' ֓xzu̴AGb?}1D﷘D׎=`1<?b=$Z5kdgV*NIt/9G3Q*# I92`uhu= }IDnDy靊d\ɧ0G3>g ^,yYC{GO~_@^(\v^o˺Y_B/WS(>*)6jŞ8Ry̨uPvwʌg>k'֑m& v:6'{=iʠ;MdoLcIIg$v< aTQvdw{Tk, 5\=y[s%dK+Rd+P_KwycɎSojni%ۊ Nɶݮum~t tI~Lumɾ|׾jU[ {?RnSr[osw٬,D06 _<.fqFA d%{/FA d[?/B4O/o2U5Zuwgdc<6b,6Zxl-6J6geQFm5#o914V 5dw}3v,3:o7)я诺Y,PWw "ßb/S'#W2Wql+}}]L)Ucaj8j37cE|J>Lc}*q`Z[]hyp䎛9E?o[Cr*mT[e"U&S9e*b<Oclke\gP53ڦ4ij7ܵږ斶IkN]{Զ殝`>Z']N]/S֒v3s׮ j'6# :yX-P?_2gB̴n.ZoljySWS*^®zx;DWh\;7R~uYg ===DywڵY̗:}8O}s񋊮&_>+lsA-wHٓ95O7[oH_Ѷ2m!;U35Ǵ}@Uٹغ&lJ&uR4Dd?92#1a<  C A? 279TߓRVw`! 9TߓRYXWxoLQ9oSôw4ib:{;s9׹=fb `%j&QHJ1%!b:H ûRkOWUcԶ]/fdu ( [ ւΏxDp&HBjA_3rrr{&Swr4ͭk痜MhU*yenmb/c^UlgÝឱB v>[/)^. J<[*Ϟg=틌OV{o!GӗV ZQUMx6ٌg3 04:tMy6n/ꃣ Ț+=V/Gd%cMvѽlvGˤ_t-()?.\\\Ddb@C({vޱwI#Diγw}Dٟ^D)6>^qL1Q.wQ`mQ>ac4Lre9&Ju(E_PG1Qc}@3Qfqc< d8+^ e6Ԙ򄳧 wߓfΩzYkqͺ6.7ۇ '&1ؖ4.V{˅PPxjP+cGp1Y?:V*@;αv㩝=ur2|WlK} 3L ڒ1֕|>/{gfJܷy]faޓy^-FO;I#=yla6 [t7zbt 9{KӴٰf6]笵7Z2'agS/.Hhu̥VSؼ;J+;\KW.w5_?6Press Release 9 Annex A 8 _981799468F`2t`2tOle TPRINTjt ObjInfo   !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSWXYZ[\]^_cdefghijkmnopqrstuvwxyz{|}~ FF2HKMAOA_RESEARCH.\ECO_STAT\CB\MP_STAT\EFAC_SUB.XLSjdLF@D~eD~ ~O :i+00/C:\ 0HKMAOA_RESEARCH.0ECO_STAT0CB0MP_STAT0EFAC_SUB.XLSj5i.CVOLUME 1C:\HKMAOA_RESEARCH\ECO_STAT\CB\MP_STAT\EFAC_SUB.XLSF!chart 2!F jc jcc1HKMAOA_RESEARCH.\ECO_STAT\CB\MP_STAT\EFAC_SUB.XLSchart 2 FF2HKMAOA_RESEARCH.\ECO_STAT\CB\MP_STAT\EFAC_SUB.XLSjdLF@_D~e_D~ ~O :i+00/Cd> 6 .   ''  8Times New Roman)-Times New Romanx--------"Systemn-'- -'- H- "- $jjs s j "-jjs s j "-js s s   99jjs s  s  s  %s % 8s 8 K s K  ^ s ^  ps p s  s  s  s  "---'--- !!---'--- v j---'--- s jH- "-# aa]t]t{%{%88K K   m m ^ ^   !!]]]Z]Z# # # "-- $V $UuvVv $-- $ $ {!!m] $\eh`ip]uhiha-hahY- $XpxtydY`lyt $|plx $67}y7w $vw $6 $5TU6U|t-tl- $kl $ $,--%-%- $<= =} $|} $  -- $$ *, $+2J:K*,"2K@ $HI98AA-AA- $~IN>9FO $W[KGS]= $=U@U@e=e]@]8-]8]0- $/UOSPc0e[PV $NK[^SN $F D TVL GO $N ?n <o LO ODo @ $ 8 5 E H= 8 $ 0. ./ > @6/ 3S 3K -3K 3C - $B +a $b 4C ;,b  $    &  $      -  - $     R $Q p q R q  $      -  - $      $     ] $\ e f ] f ^ -^ V - $U s t V  t  $      $      -  - $ % &  & f $e   f   $     & $%EF&F $ $)!-!- $999y $yy $9 $9YY9Y $ $Y $YyyYy $-- $= $<\]=] $ $] $\|}]} $-- $L $KjkLk $ -- $ $!!!a $abbabZ-ZR- $Qqr Rr $ $ - - $###c $cc $---'-- v j--'-- -------'-- w!N 2 P Chart 2}oS?}.2 n1-month and 3-month HIBORs}S}S?}?}S}S?aa---'-- --'-- ---'--   2  0d 2 J 2d 2 |4d 2 6d 2 8d 2 i10dd--'-- --'--  2 ] 27/01dd8dd2 ] .30/01dd8dd2 ] A02/02dd8dd2 ] T05/02dd8dd2 ] g 08/02dd8dd2 ] z 11/02dd8dd2 ] 14/02dd8dd2 ] 17/02dd8dd2 ] 20/02dd8dd2 ] 23/02dd8dd2 ] 26/02dd8dd--'-- ----'-- ]M! 2 1:% p.a.2d2Y2---'-- --'-- -- -4- -N $?----  -E ,`--  2 ^ 1Md' --- - ----  - --  2 13Md' -- -'  '  'LinkInfo <_981799467 F`2t@e2tOle  TPRINT d:\ 0HKMAOA_RESEARCH.0ECO_STAT0CB0MP_STAT0EFAC_SUB.XLSj5i.CVOLUME 1C:\HKMAOA_RESEARCH\ECO_STAT\CB\MP_STAT\EFAC_SUB.XLSF!chart 3!F3jc3jccd> B   '' d)'Report on the Currency Board OperationsHong Kong Monetary AuthorityHKMA [@gQemH &&jL 1$@&CJ*@*jL 2$@&6CJ*@*jL 3$@&5CJ@jL 4$$@&C$Eƀc,& 8Times New Roman4-Times New Roman--------"Systemn-'- -'- H- "- $sss s s "-sss s s "-ss s Ts  T T T @T@sTss s  s  s  s  - s -  s  Cs C s  Xs X s  "---'--- !!---'--- v s---'--- s sH- "-Q  ] f] f] ?] ?f f ; ; > >   m {m {+ T+ TS- S- O  O         j  j  C C  9 9     < <  X X 1 1= =    ---'--- v s---'--- --------'--- w/! 2 m Chart 3}oS?}B2 'Standard Deviation of the 1-month HIBORS}}o?o}E}SE}?}S?So?}S}S?a----'--- ---'--- ----'---   2  0d 2 L 2d 2 4d 2 6d 2 8d 2 :10dd---'--- ---'---  2 ] 01/97dd8dd2 ] 404/97dd8dd2 ] 07/97dd8dd2 ] I10/97dd8dd2 ] 01/98dd8dd2 ] _ 04/98dd8dd2 ] 07/98dd8dd2 ] t10/98dd8dd2 ] 01/99dd8dd---'--- -----'--- *_j 2 % pts2d8N----'--- ---'--- --'  '  '1HKMAOA_RESEARCH.\ECO_STAT\CB\MP_STAT\EFAC_SUB.XLSchart 3 FF2HKMAOA_RESEARCH.\ECO_STAT\CB\MP_STAT\EFAC_SUB.XLSObjInfo TLinkInfoU<_981799465F@e2t@e2tOle VTjdLF@(D~e(D~ ~O :i+00/C:\ 0HKMAOA_RESEARCH.0ECO_STAT0CB0MP_STAT0EFAC_SUB.XLSj5i.CVOLUME 1C:\HKMAOA_RESEARCH\ECO_STAT\CB\MP_STAT\EFAC_SUB.XLSF!chart 4!F3jc3jccPRINT!ObjInfo`LinkInfoa<_981799464" F@e2tU2td>  ?   ''  8Times New Roman4-Times New Roman4--------"Systemn-'- -'- H- "- $jjs s j "-jjs s j "-js s s   99jjs s  s  /s / >s > Ns N ^ s ^  n s n  }s } s  s  s  s  "---'--- !!---'--- v j---'--- s jH- "- HH  d >d >  y y  N Ng ^ g ^        n  n   --,,   \ \    "-- $122g $fgg $_M^pUQQ-QZ- $Y>?Z? $  4 $,=N=Edf $^coHIodIw<E-EEw- $vMZJw=Rk $socw( $'DE(E $ $1 $0 MN1 N& $.4$,,-,$- $#@A$A| ${| $, $+IJ ,J' $,</4>>->6- $5TU6U $ $-- $ ( - $%' :? K@ 6( @ Bp l $do y  up    -  - $       $      9 $8 S" T 9  T V N- N F- $E d e F"  e  $       $       [ $Z y z [  z  $    $ 1 2   2 | f | ^ -| ^  ^ - $V j k { l g l r : $ 9 ! : !  $       -  - $     tP $O lh Xi iP }`i 7 $ /  , @#   -  - $  1  ( Q $ Z n ] Ie K $J b c K c v n -n n - $f z  w  n $ m T U nU # $ "   #    -  - $ 3 4  4 r $q   r   $     - $,KL-L $}v $ngw~od5d--d-d%- $$\D[Ek%lcE` $XWgh_] $USce[YE $DQdPe`EaXeU $ML\]TQ $I$H%XYP%Ne $dFDTeVLJ $BAQRIHH-HH- $PZJ@Rf@ $?n^x_h@^p_ ${ $S $RpqSq $-- $  =5 $-<@UQV>=VHn $fyw $-- $ $#$$d\-\T- $SrsTs $ $ - - $#$$c $b~cz $rqyy---'-- v j--'-- -------'-- w! 2 m Chart 4}oS?}?2 1%HK$ - US$ Interest Rate Differentials}?S?}?aSoooaS?}So?ESSoooSE}Ea---'-- --'-- ---'--   2  W0.0d2d 2 J W0.5d2d 2 |W1.0d2d 2 W1.5d2d 2 W2.0d2d 2 W2.5d2d--'-- --'--  2 ] ;27/01dd8dd2 ] K30/01dd8dd2 ] Z02/02dd8dd2 ] j05/02dd8dd2 ] z 08/02dd8dd2 ] 11/02dd8dd2 ] 14/02dd8dd2 ] 17/02dd8dd2 ] 20/02dd8dd2 ] 23/02dd8dd2 ] 26/02dd8dd--'-- ----'-- MM! 2 !:% p.a.2d2Y2---'-- --'-- -- -4- -  c ----  -  --  2 '  1Md' --- -----  ---  2 G3Md' -- -'  '  '1HKMAOA_RESEARCH.\ECO_STAT\CB\MP_STAT\EFAC_SUB.XLSchart 4 FF2HKMAOA_RESEARCH.\ECO_STAT\CB\MP_STAT\EFAC_SUB.XLSjdLF@ܩD~eܩD~ ~O :i+00/C:\ 0HKMAOA_RESEARCH.0ECO_STAT0CB0MP_STAT0Ole bTPRINTlObjInfoLinkInfo<EFAC_SUB.XLSj5i.CVOLUME 1C:\HKMAOA_RESEARCH\ECO_STAT\CB\MP_STAT\EFAC_SUB.XLSF!chart 6!Fjcjccd> .   ''  8Times New Roman%-Times New Roman,--------"Systemn-'- -'- H- "- $NNs s N "-NNs s N "-Ns s s % %   99NNs s  s  s  1s 1 s  ` s `  s  s  %s % s  "---'--- !!---'--- v N---'--- s NH- "-E      i i  w w T T^ 1^ 1          ` ` h= h= kk\H\H%% ---'--- v N---'--- --------'--- w! 2 < Chart 6}oS?}.2 Effective HK$ Deposit RateSSooSE}o?}?o}aES?}So----'--- ---'--- ----'---   2  ~4.0d2d 2 ~4.5d2d 2 | ~5.0d2d 2 .~5.5d2d 2 ~6.0d2d 2 ~6.5d2d 2 B~7.0d2d 2 ~7.5d2d---'--- ---'---  2 ] 01/97dd8dd2 ] 04/97dd8dd2 ] M07/97dd8dd2 ] 10/97dd8dd2 ] | 01/98dd8dd2 ] 04/98dd8dd2 ] 07/98dd8dd2 ] A10/98dd8dd2 ] 01/99dd8dd---'--- -----'--- C 2 % p.a.2d2Y2----'--- ---'--- --'  '  '1HKMAOA_RESEARCH.\ECO_STAT\CB\MP_STAT\EFAC_SUB.XLSchart 6 FF2HKMAOA_RESEARCH.\ECO_STAT\CB\MP_STAT\EFAC_SUB.XLSjdLF@0C_981891691F$2t>2tOle TPRINT`!ObjInfo~e0C~ ~O :i+00/C:\ 0HKMAOA_RESEARCH.0ECO_STAT0CB0MP_STAT0EFAC_SUB.XLSj5ei.CVOLUME 1C:\HKMAOA_RESEARCH\ECO_STAT\CB\MP_STAT\EFAC_SUB.XLSF!chart 7!FO zydyd|eydd>  B   ''  8Times New Roman0-Times New Roman<--------"Systemn-'- -'- H- "- $ccw w c "-ccw w c "-cw w ww s ws nwnjwjewew w  w  w  w  w   w   2 w 2  Kw K ew e w  w  w  "---'--- !!---'--- z c---'--- w cH- "- cc.1.1lls Js J..    l l n~ n~ 2 2 j j ))LLj "-))- $!!11))X $X!k!k1X1)k)c-)c)[- $[!!1[1))  $ !!1 1))-))- $!!11)) $!!11)) $!!11)) $!!11))/ $/!9!91/1)9)1-)1))- $)!!1)1)) $!!11))-))- $!L!L11)L) $!!11))-))- $!!11))? $?!R!R1?1)R)J-)J)B- $B!!1B1)) $!!11))-))- $!f!f11)f) $!!11)) $ !v !v 1 1)v ) $ ! ! 1 1) ) $ ! ! 1 1) ) -) ) - $ ! ! 1 1) ) $ ! ! 1 1) ) -) ) - $ !3 !3 1 1)3 )s $s ! ! 1s 1) )~ -)~ )v - $v ! ! 1v 1) )& $& !: !: 1& 1): )2 -)2 )* - $* ! ! 1* 1) ) $ ! ! 1 1) ) -) ) - $ !M !M 1 1)M ) $ ! ! 1 1) ) $ !]!]1 1)]) $!!11)) $!!11))-))- $!g!g11)g) $!!11)) $!w!w11)w) $!!11)) $!!11)) $!!11))-))- $!4!411)4)t $t!!1t1)) $!D!D11)D) $!!11)) $!!11))-))- $!N!N11)N) $!!11))-))- $!!11))A $A!T!T1A1)T)L-)L)D- $D!!1D1)) $!!11))-))- $!h!h11)h) $!!11))- "-dMcMc//11  'J'Jbb    ~ ~ 2 2 w w **LL---'--- z c---'--- --------'--- w! 2  Chart 7}oS?}*2 Base Rate and O/N HIBOR}ao?}So?}?E?a----'--- ---'--- ----'---   2  ~0d 2  ~2d 2 ~4d 2 ~6d 2 ~8d---'--- ---'---  2 a 27/01dd8dd2 a 30/01dd8dd2 a 02/02dd8dd2 a 05/02dd8dd2 a 4 08/02dd8dd2 a N 11/02dd8dd2 a g 14/02dd8dd2 a 17/02dd8dd2 a 20/02dd8dd2 a 23/02dd8dd2 a 26/02dd8dd---'--- -----'--- _M! 2 3:% p.a.2d2Y2----'--- ---'--- -- -4-- 45 O---- - = p-- !2 u Closing O/N HIBOR8dN8dd282C' ----4---- -<-- B2 D'Simple 5-day average of O/N & 1M HIBORso8d8Y2dCdYd2YdYCYdY2dC2822d2CN' ----` k---- -W -- 42 #Fed Funds Target Rate + 150bpsoYd2odddN2zYCdY82Y8Y2q2dddddN' --&  "- -%- - $0--& -'  '  'LinkInfo<_981799463F>2tO2tOle TPRINT 1HKMAOA_RESEARCH.\ECO_STAT\CB\MP_STAT\EFAC_SUB.XLSchart 7 FF2HKMAOA_RESEARCH.\ECO_STAT\CB\MP_STAT\EFAC_SUB.XLSjdLF@DD~eDD~ ~O :i+00/C:\ 0HKMAOA_RESEARCH.0ECO_STAT0CB0MP_STAT0EFAC_SUB.XLSj5i.CVOLUME 1C:\HKMAOA_RESEARCH\ECO_STAT\CB\MP_STAT\EFAC_SUB.XLSF!chart 8!F4ac4accd> 1   ''  6Times New Roman!-Times New Roman--------"Syst      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJNOPQRSTUVXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~emn-'- -'- H- "- $(OOo (o (O "-O(Oo o (O( "-O(o (o o (! ! (  ((88(((OO(o (o  (o ( 7o 7 Eo E To T b o b  q o q  o  o  o  o  o  "---'--- !!---'--- r O(---'--- o O(H- "-{ ( ' ' ++EEUUTTSb Sb > >   q q 7 7 +/+/''ZZ  ---'--- r O(---'--- --------'--- w! 2 3 Chart 8}oS?}12 Certificates of IndebtednessooSESEo}Soa?}S?aoSooaa----'--- ---'--- ----'---   2  75ee 2 80ee 2 y 85ee 2 +90ee 2 95ee 2 k100eee 2 Bk105eee 2 k110eee---'--- ---'---  2 [ B27/01ee8ee2 [ Q30/01ee8ee2 [ _02/02ee8ee2 [ n05/02ee8ee2 [ | 08/02ee8ee2 [ 11/02ee8ee2 [ 14/02ee8ee2 [ 17/02ee8ee2 [ 20/02ee8ee2 [ 23/02ee8ee2 [ 26/02ee8ee---'--- -----'--- 1! 2 ;HK$ bne3ee----'--- ---'--- --'  '  '1HKMAOA_RESEARCH.\ECO_STAT\CB\MP_STAT\EFAC_SUB.XLSchart 8 FF2HKMAOA_RESEARCH.\ECO_STAT\CB\MP_STAT\EFAC_SUB.XLSjdLF@0D~e0D~ ~O :i+00/CObjInfo!LinkInfo<_981799462,$FO2tO2tOle T:\ 0HKMAOA_RESEARCH.0ECO_STAT0CB0MP_STAT0EFAC_SUB.XLSj5i.CVOLUME 1C:\HKMAOA_RESEARCH\ECO_STAT\CB\MP_STAT\EFAC_SUB.XLSF!chart 9!F`jc`jccd> %   '' PRINT#%ObjInfo&KLinkInfoL<_981799461)FQW2th2t 8Times New Roman-Times New Roman0--------"Systemn-'- -'- H- "- $``t t ` "-``t t ` "-`t t t / / ``t t  t  t  t  -t - A t A  V t V  jt j t  t  t  t  "---'--- !!---'--- w `---'--- t `H- "-~ ee^R^Rigigmmmml{l{j-j-nA nA s s w w V V   YY  ---'--- w `---'--- --------'--- w?! 2 G Chart 9}oS?}%2 Coins in Circulation}Ea?E?EooE}SE}----'--- ---'--- ----'---   2  j5.0d2d 2 j5.5d2d 2 j6.0d2d 2 Kj6.5d2d 2 j7.0d2d---'--- ---'---  2 ^ 27/01dd8dd2 ^ 30/01dd8dd2 ^ 402/02dd8dd2 ^ I05/02dd8dd2 ^ ] 08/02dd8dd2 ^ r 11/02dd8dd2 ^ 14/02dd8dd2 ^ 17/02dd8dd2 ^ 20/02dd8dd2 ^ 23/02dd8dd2 ^ 26/02dd8dd---'--- -----'--- '( 2 AHK$ bnd2dd----'--- ---'--- --'  '  '1HKMAOA_RESEARCH.\ECO_STAT\CB\MP_STAT\EFAC_SUB.XLSchart 9  FF2HKMAOA_RESEARCH.\ECO_STAT\CB\MP_STAT\EFAC_SUB.XLSjdLF@DOle MUPRINT(*WObjInfo+LinkInfo=~eD~ ~O :i+00/C:\ 0HKMAOA_RESEARCH.0ECO_STAT0CB0MP_STAT0EFAC_SUB.XLSj5 i.CVOLUME 1C:\HKMAOA_RESEARCH\ECO_STAT\CB\MP_STAT\EFAC_SUB.XLSF! chart 10!F`jc`jccd> !   ''  8Times New Roman0-Times New Roman--------"Systemn-'- -'- H- "- $ccs s c "-ccs s c "-cs s s ( (   EEccs s  s  s  (s ( ;s ; M s M  ` s `  rs r s  s  s  s  "---'--- !!---'--- v c---'--- s cH- "- ww((;;M M     ` `   ##  ZZ  ---'--- v c---'--- --------'--- w! 2  Chart 10}oS?}}!2 Aggregate Balance}}oo}}So?}E}oo----'--- ---'--- ----'---   2  ~0.0d2d 2 ~0.5d2d 2 ~1.0d2d 2 7~1.5d2d 2 ~2.0d2d 2 ~2.5d2d 2 T~3.0d2d 2 ~3.5d2d---'--- ---'---  2 ] 27/01dd8dd2 ] 230/01dd8dd2 ] D02/02dd8dd2 ] W05/02dd8dd2 ] i 08/02dd8dd2 ] | 11/02dd8dd2 ] 14/02dd8dd2 ] 17/02dd8dd2 ] 20/02dd8dd2 ] 23/02dd8dd2 ] 26/02dd8dd---'--- -----'--- [( 2 /AHK$ bnd2dd----'--- ---'--- --'  '  '1HKMAOA_RESEARCH.\ECO_STAT\CB\MP_STAT\EFAC_SUB.XLSchart 10_9817994591'.Fo2to2tOle UPRINT-/ObjInfo0  FF2HKMAOA_RESEARCH.\ECO_STAT\CB\MP_STAT\EFAC_SUB.XLSjdLF@D~eD~ ~O :i+00/C:\ 0HKMAOA_RESEARCH.0ECO_STAT0CB0MP_STAT0EFAC_SUB.XLSj5K i.CVOLUME 1C:\HKMAOA_RESEARCH\ECO_STAT\CB\MP_STAT\EFAC_SUB.XLSF! chart 11!Fkckccd> -   ''  8Times New Roman4-Times New Roman--------"Systemn-'- -'- H- "- $s s  "-s s  "-s s s - -   \\s s  s  s  s  -s - A s A  V s V  js j s  s  s  s  "---'--- !!---'--- v ---'--- s H- "-  4 4 k Rk Rs s  g gs s k {k { - -R R  A  A     9 V 9 V L L u u D D jj& &   s s , Y, Y+ + 0---'--- v ---'--- --------'--- wl! 2 U Chart 11}oS?}}-2 Discount Window BorrowingEao}S?E}?}oo}E}----'--- ---'--- ----'---   2  j0.0d2d 2 j0.2d2d 2 j0.4d2d 2 Gj0.6d2d 2 j0.8d2d 2 j1.0d2d 2 vj1.2d2d 2 0j1.4d2d---'--- ---'---  2 ] 27/01dd8dd2 ] 30/01dd8dd2 ] 402/02dd8dd2 ] I05/02dd8dd2 ] ] 08/02dd8dd2 ] r 11/02dd8dd2 ] 14/02dd8dd2 ] 17/02dd8dd2 ] 20/02dd8dd2 ] 23/02dd8dd2 ] 26/02dd8dd---'--- -----'--- b 2 gHK$ bnd2dd----'--- ---'--- --'  '  '1HKMAOA_RESEARCH.\ECO_STAT\CB\MP_STAT\EFAC_SUB.XLSchart 11 FF2HKMAOA_RESEARCH.\ECO_STAT\CB\MP_STAT\EFAC_SUB.XLSjdLF@E~eE~ ~O :i+00/CLinkInfo=_98179945863F`x2t`M2tOle TPRINT24:\ 0HKMAOA_RESEARCH.0ECO_STAT0CB0MP_STAT0EFAC_SUB.XLSj5i.CVOLUME 1C:\HKMAOA_RESEARCH\ECO_STAT\CB\MP_STAT\EFAC_SUB.XLSF!chart 5!F3jc3jcc1HKMAOA_RESEARCH.\ECO_STAT\CB\MP_STAT\EFAC_SUB.XLSchart 5d> 7 7   ''  8Times New Roman-Times New Roman4--------"Systemn-'- -'- H- "- $)s )s ) "-)s s )) "-)s )s s )  )))QQ))s )s  )s ) Vs V s  s  s  s  7s 7 ds d s  s  s  "---'--- !!---'--- v )---'--- s )H- "-@ ooWWcmcm! ! v{v{ "-@@- $8WgH_MoUo-Uo]o- $g\w] $Z[[c-cl- $k  l   $Nn_o)oVlWuW-uWuO- $Nm):O~1  $344g $ftugum-me- $d}e| $tcska $Y/H0XiP0Gp $o?7GpO??-??- $73CG;8B $A0+;B@31 $)a$b49,b* $" 02((-((- $ ./.0&/%o $n+o-#" $   ) *!   $ > ? & (?  $~   # % / $.   / "  $ ( )  ) ! -!  - $      $ 9 9  9 y $x   y  ) $)  ) $ H II $  9 $9  9{-{s- $s  s# $#  # $ C CC $3 $33 $SSS $C $CC $bc c  $     - "-@ o oWWmmzz??$! $! {{---'--- v )---'--- --------'--- y#O 2 P Chart 5}oS?}72 o Exchange Fund Paper Yield Curves}o}}o??}oo?EoE?o}oa----'--- ---'--- ----'---   2  :3d 2 Q :4d 2 :5d 2 :6d 2 :7d 2 /:8d---'--- ---'---   2 ] 1Wd 2 ] 1Yd 2 ] 2Yd 2 ] M3Yd 2 ] z 4Yd 2 ] 5Yd 2 ] 6Yd 2 ] 7Yd 2 ] .8Yd 2 ] [9Yd 2 ] V10Ydd---'--- -----'--- ~M! 2 R:% p.a.2d2Y2----'--- ---'--- -- -4--~K---- -ll-- 2  end-Jun 97YddCNdd2dd' ---- ~ ---- -  -- 2 T 27-Jan 99ddCNYd2dd' ----| L T---- -s * \3-- 2  26-Feb 99ddCoYd2dd' --&eX"  "- -% \- - $i--&&}P- "- -%K(- - $--&&Y "- -%T- - $--& -'  '  '--&&G G ) "- -% $ m- - $ TK Ko --& -'  '  'ObjInfo5LinkInfo<_9817994578F u2t ߲2tOle T FF2HKMAOA_RESEARCH.\ECO_STAT\CB\MP_STAT\EFAC_SUB.XLSjdLF@"E~e"E~ ~O :i+00/C:\ 0HKMAOA_RESEARCH.0ECO_STAT0CB0MP_STAT0EFAC_SUB.XLSj5i.CVOLUME 1C:\HKMAOA_RESEARCH\ECO_STAT\CB\MP_STAT\EFAC_SUB.XLS5>*CJWc,&0b0jL 5 $$@& 5>*CJA@-k=W[W$C@$,ge.~cCJB@,geCJ@;seW[&@!;sSgqH*$P@2$,ge 2$6$ @B$>\  !)@Qx b gQe.~c144152535555555fjl DC$Eƀ`a%Kr781^_`bcdefga]d> \ .   ''  8Times New Roman-->Times New Roman4--Times New Roman------------"Systemn-'- -'- H- "- $R||s Rs R| "-|R|s s R|R "-|Rs Rs s R  RRRGGR||Rs Rs  Rs R Hs H =s = 3s 3 ( s (   s   s  s  s  s  s  "---'--- !!---'--- v |R---'--- s |RH- "- R        = =     3 3 (  (    v  v          W W L L     B B ---'--- v |R---'---  "-| s s s "  "v v ""yy""||"---'--- !!---'--- v |R---'--- s |R "-RJ-  $IhiJi $-- $Q $PpqQq-- $ $X $XxxXx $ $788x $wx-- $ $   E=-=5- $4TU5U $-- $< $;[\<\-- $ $;3-3+- $*JK+K $ $   K $J j k K k  $      $ * +  + 0 ( -(  - $ ? @  @  $       -  - $     ' $& F G ' G ~ v -v n - $m   n   $     &  -  - $ 5 6  6 v $u   v    -  - $      $ < =  = } $}   }   $     = $<\]=] $-- $ $/00o $no $, $+KL,L $ys{p $hb rxj _H $GW^S_cHg[_[W-[W[O- $NSnOo_OcWoN $FBRVJB $ :,5-EJ=-5m $l-)9m=1( $ ,0$+ $*JK+#KTL-LD- $Cc"dDd" $*.&------ $% ! 15) !K $Jjk%K)k-- $! $&( %J%B-%B%:- $9YZ,:-$Z! $() ---'-- v |R--'-- -------'-- w!G 2 G Chart 1}oS?}.2 gHK$ Exchange Rate and EERI}?}o}}o?}So?}?a---'-- --'-- --'-- ---'--   2  i7.70d2dd 2 N i7.80d2dd 2 i7.90d2dd 2 i8.00d2dd 2 i8.10d2dd 2 "i8.20d2dd--'-- --'--  2 ] n27/01dd8dd2 ] d30/01dd8dd2 ] Y02/02dd8dd2 ] O05/02dd8dd2 ] D 08/02dd8dd2 ] : 11/02dd8dd2 ] / 14/02dd8dd2 ] %17/02dd8dd2 ] 20/02dd8dd2 ] 23/02dd8dd2 ] 26/02dd8dd--'-- ----'-- ]. 2 1GHK$/US$d8od---'-- --'--   2  t120ddd 2 t125ddd 2  t130ddd 2 t135ddd 2 t140ddd 2 t145ddd 2 "t150ddd--'-- ------'-- isR  2 9EERIzzC2 =k Nov 83=100dd2ddqddd---'-- --'-- - - -4- - w _ - ---  -  U g -- 2 $HK$/US$d8od' -- - -J x- ---  - ( --  2 EERIzzC' --  - '  '  ';z%Zq $q㬟IYwkĺ0Kuw ϝ3KX/)ȌeA3}l{Ok_[;4.N|F~ ~ Dd?92#1a<  C A? 2! l] g$ڄMg `! l] g$ڄMg$YXW xZ pV>߽ @YJbXYa3F!dC)FMejiEjթ2XBŊ={Ͽ$vB2/;yw;^@D)O<CPPšW*(D7f#*ыxkDY"VqZX*x-;bNaLߨxr?q!ul}3.x*Zڥ͑ 62ՉB峣WY_P>JPaT( UTU[2:sÞXZQ(y\䂪Jr%ASt-^8n/W!\p% ww s $u*SS=%|dMnp{ nr p w^Q/Om/%d8 x#D3T KUWP'/L4Y9# ?&?s-6+~c[TlV6WH}E(Y \VPP9T[ _O:ZΡz-PP}7 p!;h8i9PP堝UTYΡw-PP#wLp(r5dv*-6#ᡲ ѾHIx{w?նdGUxO<Rkm˶:h+ oSGf[m'}Dς 'xfsܜ9A.?AhtU£>Gt]m=''Vo,*עck"$|CVk;~K=V[7Z_(J"|@l!΅wi mr4G%(c*Q%.mkT= [aUpc: Sr_8Z2G7qYi7ͥ%&eK`ݎB ҰۭNٱ٢=/Z> u[.wu & z/7Т&0b0{U<XюVc ˇb;˽z15)T(lkI-fq fáamlk\ŭ[> w_ \"˱°j 8׎]q. :Ӧ#qbtc8p.1}xSȵ?,=;%gE9Kβsg\^NrozH '/_M]x (w0բrx5 T$4TqjdTM7ЂY$hRyhFq9jGጢ[7um.>nRjfCv Ѧk!c[5lh v Qⱃ-Cjm?EQ}1cݧ>Iq= =ϲQoL1c6m*mJ'T, Mcۡ1Hg4TJ;ٛ.9KYw?XMeۡZֲnw1&5(ڍĭ6DvxG*)mvTfڧ;R ?`AHa6=(7D:T=:mO:*ڣ;%c=.ݘQ)OF;p|RxdO:v3 ў=6S_KFvgּS}͖쉳oh4׃ 6].m+z0iú aۭ"Wn:ݵa`ݭvREG"C!SvՎdGyG#Oޫ_x4zslOB=BV>ݳH-| 0H]>CE;Dbz:r r/N5Jyz6s1V`ߩFk8]V% tnR%*E"—_ҋ9*מ0;*u?lPhK|yG9_*m.|ZKQ˼r>>R[Gq.׆-].oVZaSZ-hUL7F߈zWfG7bb.f= [agSvEM_;agY -hǼ7npz<7e{_I?f]Xkp5\Nf%y,\\f6nAOœ1l^,mJb_Sjeɥ'+]S'M1mS?qv7rĚxqͼG =gG-|fRR_sUwFfߴ nEy;~1ϛYɤgϺ{ӼQFVޕo#73~o/o]^W= jsF΄׺qܚ&/H-Jm<^Ҍ/?^ZZ9"k j~kg(t =.kkOȂ59dQc]}w2H7{"G7ڇRpc>/t4E:mQ$m-.mmv.DP}W"/IDd?92#1a<  C A? 2/,\T*⇡71x !`!,\T*⇡71x\YXWxWkAmԉ- Tk{S+jC[AQ/E<ԋq҃H,TOUس@B|3;oIVdv~{_3ޛ ,! !J%0` HZ8E]ieF/q<;l&?WCUϖ0[uH~ VGxrG;Aqr=Ũ1Aԧ E7)q Rt)Rr; R :`mAru Ex]"EsrAW RV؞"}&HQ EcxrNz&W5/o=kOrԜ7mƸ_Y㷪/`-q{|L{&w ݼ$ c Xhpta|>5x`]j v|b]ng+mb㰆[[nfۘ~?-(k/u6Kwn擰B=wv1TEjo߱aq 5 Sƚ Dd?92#1a<  C A? 2 ~-z? #w`! ~-z?!I bXW xZklTcN`֎F! "%#րƲM@j%DM< U<9(ulģEJJ(BIHQi=sov. (η3ܽsR])"WrER% !sURgڢy*_,OFrDy#g&,yTyzw{)}1(-Fı%rL}> =-D+RXY"+n#~Z_J"W= ҎK芺 Ƞs;w{OD[ُR,J[roI+bpc.Uj t 5KpMFYG; 0K.g<n\ڹ*"`#Z!{x{Jj6]NgXv֙#}̦uڏ%}ͦuگjdM&]9&iˁ@U2UUJTR;4y];E#4N9E3|wi-@!HM봛ڀ#,l.r'P"]&i{b/|},(6M^!dqtlX `(A e E}ME~(8Ja6Me:@N &i}M봟 h*T)>Us&7IeLRYUzJ"BQ4y]b)WV[NJ6MVB[Tʢh((EcugXAUlX]քXP)l.Yl$f6Mn@,k eFQwi;ЧYtM}>S;ĦuCB;H!6MAϑnM# UbCxæ">bt4N{ О'E6M^v )]f:ehK)Ϙ&ir=%]>&i<-d:¤{/5+ƦЧ n"]3&i]:ҵib6hH($vBI>6Ml,@BߓJbtib5ht" 8NQ4y]1@;FI\(s eq^`u/ϧSMibv /.# c5b{YA~wId9v˱3? /δؙ.]LpVi3]{ؙ;|϶`gz3mwP3vp5^i-$ؙǚifxveoeؙcgZs}O1R܍Jr-sQY?gorY`,}e}B勻ϛ$ӟSې[Awǽ;:z+h#r]šYFhmGo<vtm>lC RR\]J=\1*Gi IWE܌0\L|u]98-ωT[i\3gl F0 3+ &bfb$3Ya=V.(ͻd[x2x||oSfo9_{3{}ocf]{+_qb= ߻";33C7xGņi}L)ѷVEhQBd-EMk&VdL;^y겔S$o?066&.OMĕi  zDŽyDfרR~oJVD&ew@YȔqgey<yge{wٵ=n.65|u{U6c=n#_ݞ*5˦vb/bTNCgk<* iߑMvMg##7Tdm3BjeDd?92#1a<  C A? 2-Kam{lj|. 0`!Kam{lj|.NYXWxKTQ=qrRLfԴU-,C# 9NE Bws TЮU dhF7s89cP,@/$ $<(U*Kլx+;YRym7eȎ?(|.-͙{Շ=RE9N g8ƞF50R')=0RyHq<(Iqt1)1?0R;)1)K0i)/a8.8nRHql`sJnӓKg&[S%[7ݍa3AFSLFj-.{ &leBչ᤬ʎɊN3h&==$VI\)TLZ"U+^/5ZuRz~v~Q;R;\׆y6GWoszljzU}Θp]sė-.ST00g+vɞ7Y:n7`Mha*HC .m+hL*hHl%7>Bb\?@Or ]vgBM}әvb(og9wfND&:`S)bT!P;HHFrӗHD_z=xRƓ1ajjձG_!4#F >Ja(sgFCa6"LPz2%B2& MO\L$)WܪUxɂ z@j=uX;@O/?3x=P4z/Un=JK+R#VE{eDugؓT" 8fKo}C4!![C6lYY!hvm!BEEV7~h'׌呕ňfR,,lj&%֑#+ + jGq\8j]*x6n -I(|9LAZyWg,kmXKG㟗]/^ihR5XurVCUmH+{,"<<}dJJfDIdbbrrȶm#CjG5K!K)A~+nZ,,lUdm,҄+Z\<䒻ڭ7uCֽd#& xq؟fI7&21.hkM-ɤkKD&xH?H b?޶Ljeg)Q[HS9>ǜXשM_olƘ + x>n?Ye4Q`!EI]XYXWxMhS[g&MRWړPA[~UxF ;mMmBl\EpM>ަ.}ϝĝQɽ-bz3s=3'"MC?#u VAVmѶd-U0?X)AYV6|~&h3V^!6+EDEX) 9Y)*KX)8aV'GKSstHyb<=^ =^]k3h [4W{,O 6?*s/:Np6ؕ0;Ͽ] χCC!>,`~8?㹆υqyzl~#h6gҿx?[Z`6ں`l>º;z8ں`2힟ZƳ|6ںhmg=MfPC2'agS/.Hhu̥VSؼ;J+;\KW.w5_?6 Dd?92#1a<  C A?  2Y RBK b<98m5 jC`!- RBK b<98mYXWxLǟ\^ʅ .ީ%[ն"aa]:)΁f\K(ZMVtK [4mc6vZM4s{^:`/9yy}"xRҠ'R0 E4$RIx udX%z<Rh]Ւ;9}kDx)MO}/,"[+kSba 3#1-"16i$CZG&L-eIyss3,T>{-T}~>E[yB|4Ľ$Eb&u[\u_B}xs+66wyv+^Qdhh m`o{BG}D%%C]a {x>w=)g+鵲-nWXqdӣ/\%$(nۼ%\ 6Sp^FĿ`P{Fߡ];y {DQڪYǜ w$(MCPEШR u qTZC%՚3WĚj%s^Up)S+u{Xc̖R| )(ǡTELsyrb 1ge>f [?urp[,9*1; lV3b $H h ntOiF}< l7zG+Qt%.Aw1QQjizH;=uVpˉ[ډk.*mSt7ۘMa0+f_#n?Z&Jװ*6owT.]eLjQhւ̞NSV+%C1{ !C͗6LVTi( z)[iF0C*EH;gv>q%*EH;l O1JWRa;lT5իdg&vdv؝̶0B*Yuf` dv̶ |u@'jdv;upG;Ea3a6B,{٫^%nP%2;0q>Liy{ '.W%2;9dvf32,[lըdvf1*Yv+/2"qTH;.f_eUTH;l=@ܻ*Y]fz)sly=\9U)K.S4*@ߞ{Ĩ̃G;|=;j|O)'f,ws9\[Oxn7|l#cxXrS? CYt]m`!PYtHX1 H]W|8DSC]ڍ? 65n ojviMR0],3S(|_tNdo&}1~F_#;jT[̧3j;SNv h]; x&7yTy^n"T姕i`ty%| \Eb!"Wy.[zPySK8*+ߝq{+i/qn#7㺛y_oZ0%/vYǎ?<iŮjY!pC]~YSCpa4HFkSW{N;_aX}8Z*Z yQF0/ߣn !mtm5U#:e,׼0 Dd?92#1a<   C A ?  2^ {DTfL: SM`!2 {DTfL^'I bXW x՚pU}p L(%@ pӤF_+ %A 3vPH2(TbT(`+AiiΤg8-3'ٳ{H?D"Oil}Hvuu {>HͿM]]gJO6#e*Eoar?իWȊS Y\iS򘌄cGNh[ G_ e[2!^r _ņHz툶^dB/n})?r+xwvا 'd؝_؝B=n"L/ ն'K^0h_FP4iB@U)i51adɬh}uJ:-5U|nu50m<\zM,纠6鄶u50K^ jk`jW%2Zզa@;V m!v^pei 1,x9.W[ /WBbc(qlj|RUdVa5$T1S51mb VthQ(Ÿm~+U%U\=栊/(M3-vkEFW+UU&U\YkE9j3נzTQUEх0-ж>-4 #&ل&QRk8G+T^ux#~5OHQw]o5=6n;$E؂i 8V=YmktF,hCmm-L[gARhx=̺msoli3oa߅]3ڢL9Chϳ#jQ\]יtu"I Y?]'>u)j?۾' 7|L5|JWU92b[j ;mML6D}0L?GikdjodB!<(+,uF|w\}vev/yx꘤.]iYZ¤ 9dm݃QNFi>}{/Ԯ"Tn0S{@;WZjvRų9k0GmRY*R[VB嬫fjFE[ն`1E&h7nS 3>ú"Lv'/kKZmJ9<:jnbWyд +4'[hj:xz:qYGoj[t%śNC{J?uvr:Y.ȥWMWxe|zK"r ]57My%|z5/hȇ骬k.5O[E1ZTR/mLHbѦ;Ai%m]ixms.9*jp=YHYڂLdYv@̧\m .$0S>gw <<>wh SNSEy >wr*)*VQ4ڹN k+cjKJh! 3\0%4?i93AM-EKY[i9E-Fm#(ʳ(Z0o*hcY|űhRx=נb=Wr1OBg`+6GQSq MSeslU[*VYVRd~UD?㞟Jw9]e~mL :V^Ne |`fC\kʙڙ} c:1 meL=IDz7,}w=3oSxߧ6O e9{o\anT^뤋oUQo;- 64f,S|Ӛ.^GgOV. Tg 6Vg몲OUIGRGs((HuCRGѡ-??uڍO:@\7:.u7h\yy ⌘)f]g׬%Z;عGygS#q-ZMG~A@_1; q|SdxG `5Ǘ#Idج#4CZ䮶j/{3مK3g_Om`υp29IGGKxeesm[fOty'7e_zxGLG4JJ)Z}melqg h*Zc!3%#G8:=MY`+үQ %j4U$lzӤ{g i}y`a%Kr78     1h 8)9))))))**** *'*(*,*2*8*9*N*S*X*Y*k*p*u*v**********T+U+_+i+s+t+|++++++++++++++++++++++++++    188@ @@  [@gQemH &&jL 1$@&CJ*@*jL 2$@&6CJ*@*jL 3$@&5CJ@jL 4$$@&C$Eƀc,&5>*CJWc,&0@b0jL 5 $$@& 5>*CJA@-k=W[W$C@$,ge.~cCJB@,geCJ@;seW[&@!;sSgqH*$P@2$,ge 2$6$ @B$>\  !)@Qx b gQe.~c1`a%Kr781^_`bcdefga]`a%Kr78     1h k(145"&/2u )-:..~//i01O145!#%()*+,.013+05 $'- s } Xb_i{ ##;$E$%%&&'(166666666666666666666 !!a "%FHK  mor24888888888888Pgh2$P;ϔ78-h2$͙\ {J*l2$Kam{lj|. o$2$,\T*⇡71x s2$l] g$ڄMg w2$9TߓRׄ2$9ZIJJsA 2${DTfL: ړ2$~-z? 2$RBK b<98m5 2$EI]X/@ g(    N  3 R N  3 - N  3   N  3 1 Z ] s *]A ??2Z ^ s *^A ??'Z _ s *_A ??*Z ` s *`A ??Z a s *aA ??$Z b s *bA  ??Z c s *cA  ??"Z d s *dA  ?? Z e s *eA  ?? Z f s *fA  ?? #Z g s *gA ?? B S  ? p r z 9$&1]$ t^p$ t_1$ t`$,ta$M t5 p#Utb$ tc ${ t/$ tdz$ te$ tfY$ tn$ tg$ t$tL _979108416 _979109100 _981206923 _981363495 _981561130 _981793588 _981891644 _979108414 _979109102 _981206924 _981363496 _981561132 _981793478 _981891645 _979108412 _979109103 _981206926 _981363497 _981561134 _981793590 _981891647 _979108410 _979109104 _981206927 _981363498 _981561136 _981793591 _981891648 _979108408 _979109105 _981206928 _981363500 _981561137 _981793592 _981794338 _981891638 _979108407 _979109107 _981206929 _981363501 _981561139 _981793593 _981891649 _979108405 _979109108 _981206931 _981363502 _981561140 _981793595 _981891651 _979108403 _979109109 _981206932 _981363503 _981561141 _981793596 _981891652 _979108401 _979109110 _981206933 _981363504 _981561142 _981793597 _981891653 _979108399 _979109116 _981206941 _981363515 _981561145 _981793602 _979108396 _979109117 _981206921 _981363516 _981561146 _981793603-------.......}.}.}.}.}.}.}........A/A/A/A/A/A/A/A////////0000000h0h0h0h0h0h0h00000000-1-1-1-1-1-11111111@@@@@@@@@ @ @ @ @ @@@@@@@@@@@@@@@@@@@ @!@"@#@$@%@&@'@(@)@*@+@,@-@.@/@0@1@2@3@4@5@6@7@8@9@:@;@<@=@>@?@@@A@B@C@D@E@F@G@H@I@J@K@-------.......}.}.}.}.}.}.}........A/A/A/A/A/A/A/A////////0000000h0h0h0h0h0h0h00000000-1-1-1-1-1-11111111QS+ - ;))))))))11;))))))))11Hong Kong Monetary Authority,C:\TEMP\AutoRecovery save of cbc-working.asdHong Kong Monetary Authority*C:\LAWRENCE\Tess\CBC report\cbcmarch99.docHong Kong Monetary Authority*C:\LAWRENCE\Tess\CBC report\cbcmarch99.docHong Kong Monetary Authority*C:\LAWRENCE\Tess\CBC report\cbcmarch99.docHong Kong Monetary Authority*C:\LAWRENCE\Tess\CBC report\cbcmarch99.docHong Kong Monetary Authority*C:\LAWRENCE\Tess\CBC report\cbcmarch99.docHong Kong Monetary Authority*C:\LAWRENCE\Tess\CBC report\cbcmarch99.docHong Kong Monetary Authority*C:\LAWRENCE\Tess\CBC report\cbcmarch99.docHKMA8C:\PERSONAL\ARTHUR\EFAC\CucyBoard\minutes\5Mar99-Anx.docHKMAC:\RC\Temp\990322e.doc( %g50:1*SQnk0."hh.`o(.0o(.h.nk%g5(1*S@h61`@GTimes New Roman5Symbol3& Arial1e0}fԚ/5 0}fԚWCenturyTimes New Roman"hƳ3&Ƴ3&ų3&!H00d)'Report on the Currency Board OperationsHong Kong Monetary AuthorityHKMA [@gQemH &&jL 1$@&CJ*@*jL 2$@&6CJ*@* k(14"&/2u )-:..~//i01O14!#%()*+,.013+05 $'-UnknownHKMAHong Kong Monetary AuthorityHong Kong Governmentalai K C KwongCherry KC LingALEX HK GovernmentHONG KONG MONETARY AUTHORITY Larry ClarkaCOMPUTER SECTIONCandice & Kelvintransport branch carrielamFINANCE BRANCHK K LamTransport Branch LIU CHIN HOCoconutW H KWOKJeanette LEWISDMSPlanning DivisioneHONG KONG GOVERNMENTCE/TTScfrtb2CETTPTsang King Manend userCOMPAQ Paul Chan Michael LeungP K CHANW M YU C K CHENGP W SHAMOFTAHK GOVTHousing Branch M. KiernanChanITBjL 3$@&5CJ@jL 4$$@&C$Eƀc,&5>*CJWc,&0b0jL 5 $$@& 5>*CJA@-k=W[W$C@$,ge.~cCJB@,geCJ@;seW[&@!;sSgqH*$P@2$,ge 2$6$ @B$>\  !)@Qx b gQe.~c1`a%Kr781^_`bcdefga]`a%Kr78     1h -./0?@A o q 9):))))))****!*(*)*-*3* [@gQemH &&jL 1$@&CJ*@*jL 2$@&6CJ*@*jL 3$@&5CJ@jL 4$$@&C$Eƀc,&5>*CJWc,&0@b0jL 5 $$@& 5>*CJA@-k=W[W$C@$,ge.~cCJB@,geCJ@;seW[&@!;sSgqH*$P@2$,ge 2$6$ @B$>\  !)@Qx b gQe.~c1`a%Kr781^_`bcdefga]`a%Kr78     1h?)@)))))**** *'*.*/*3*9*?*@*U*Z*_*`*r*w*|*}*********+[+\+f+p+z+{+++++++++++++++++++++++++++1:K@ @@  k(14l"&/2u )-:..~//i01O14l!#%()*+,.013+05 $'-UnknownHKMAHong Kong Monetary AuthorityHong Kong Governmentalai K C KwongCherry KC LingALEX HK GovernmentHONG KONG MONETARY AUTHORITY Larry ClarkaCOMPUTER SECTIONCandice & Kelvintransport branch carrielamFINANCE BRANCHK K LamTransport Branch LIU CHIN HOCoconutW H KWOKJeanette LEWISDMSPlanning DivisioneHONG KONG GOVERNMENTCE/TTScfrtb2CETTPTsang King Manend userCOMPAQ Paul Chan Michael LeungP K CHANW M YU C K CHENGP W SHAMOFTAHK GOVTHousing Branch M. KiernanChanITBuserRHKPFepen Sally MY WongVIP ben chengpdcnAdminabd WONG, Joe TYMSO IT 2LAU, Anthony C Raymond Wong Ronald LiauwLANMANHealth and Welfare Branchcindy christina LauMicrosoft Corporationawong ada leungaaasussexhealth and welfare branchccheung CW DIVISIONPOMKkmakRNGCheng Yan CheetpangDanielTony LamngaiF & A Dept - ITSLeung, Phyllis, MYBobby K L ChanCPPONSecurity BranchBertha W F LEEASD sandy leungwycheungdfu ccheung BFM William Yiu Albert Chan Tony Wong WILFRED CHAN Olivia ChanabG Nagendra Prasad Benny Wongx852x835.... Andrew Tam SBC Warburg FELIX LIUWord Development Bowen Lau Peter Hsueh Brian Lee general userExcelBowenPaulineV9 vSally Lo123 G N Prasad?V? Kathy OgawaENTER YOUR NAME HEREEnter Your Name HerefoobarbennyHKGchoEve Wong Vivian Chung Derek Fung Helen WongJoanne Ballantyne Mike ReinemerPJR PR?Marketing Leopard Sharq Edgar TungschanStephen Williams Desmond Chan/n?e^ Fanny WONG Desmond Chan Dan FisherOffice of the PresidentmpfPreferred CustomerBarbara DickensPatricia M. MatchettgroosAngela BabbingtonLea Boag Peroni LeungkennyKWOK's Raymond TamhkmaFinance Branch patrick lauFSBGovernment Printing DepartmentGOVERNMENT PRINTING DEPARTMENTpescodMrs Philomena Leung Barbara SiuTrade and Industry BranchgkwanMWONGbchingacheungEducation and Manpower Branch Edward Yaurchan B DIVISIONcliflorence Liza Shum Arnold M JB DIV2rrrrrrrrrrrrrrrIVISIONVISION Branchhan CE BRANCHranchand Industry BranchBRANCH dustry Branchward Yau Winnie Yeung Bassanio SoPMSO(S)REBECCA HY WONGRaymond & Ingrid FANAnita LI Rowse, M J TEMBTAM HT Gloria WongHero catherine lawLCHANstaT1Education DepartmentTIMr LeeVESEDLIBRARY SECTIONedK C4[}<f#o,?CDI, EDEDUCATION DEPARTMENTInformation Systems DivisionTeacher CentreCase Management DivisionDept Admin UnitOfficial Receiver's OfficeHong Kong Government 1 David Lau Wendy CheungC3t rrrrrrrrrr?y['?`[[T?{57E ??PKRKRK?Z"K?K K C Kwonge I%I%I%I%I% wilson ChiuHong Kong Monetary AuthorityPricewaterhouseCoopersC&LPeter LiPeeFZteFZ_eFZaeFZgeFZceFZheFZi Loh UantchernUserSUPER COMPUTERXXe!BHKCSSGlenn ShimamotoECONOMIC SERVICES BRANCH Bank of International Settlement Cedric WongRMMS MONITA MAChiu Yuk Fan Carman Chua Hoi WaiLand Fund Office,BILLY S.Y. LAI, HKSAR GOVERNMENT LAND FUND Land Fund OfficeBILLY S.Y. LAIPC-91-17 underhillPC-91-05Group Treasury Stephen SmithAsia Regional OfficeSELECT AGREEMENT Greg du BernLowellMitAccents Ronnie FungSystemSWIRE TRAVEL LTD.SYSTEM Rebecca Kwok+SmartDesk Personal Business Center by AegisMicrosoft Office 4.3:\FAX2.DOCMicrosoft Office 4.3 A:\FAX3.DOCMicrosoft Offic4.3 A:\FAX3.DOCMicrosoft Office 4.3 A:\FAX3.DOCMicroft Office 4.3 A:\FAX3.DOCMicrosoft Office 4.3 A:\FAX3.DOCMicrosoft Office 4.3 A:\FAX3.DOCMicrosoft Office 4.A:\FAX3.DOCMicrosoft Office 4.3 A:\FAX3.DOC@Epson LQ-1170 ESC/P Veronica Lai Robert YihSWIRE TRAVEL LTD Michael LauTrade Department Linda WongUSER KWOK Wai-chiu"Bank for International SettlementsBWkl Derek Cheung Judy TongcbmecllLI QINPaul Moser-BoehmJLAUtestKKlK"K|sanis Mr K C Kwong Stephen SelbykwongBWongGIS Bernard LongGenericCHEUNG, Evita Y Fmytang Stella Fung HO, Susie S ykchoi anita lau LegCo Usermlai Ting, Jessieochanmli YEN, CeciliaSupervisor of EU angela luke yammarchEconomic Services BranchC GODWINwcheung Ophelia Tsang Kitty YauSARA LAU Alfred SHUMKC KWONGSPOMary Kanm stoneRikkieIris LawPOKOCpangCatherine ChanCentral Policy UnitniljsunGUEST Heidi LeungChungglassDonald YK TsangCheung Shuk Ting, Wendy ESMOND LEELegal DepartmentRaymond & Ingrid FAN WV9 v+30 V9 F9 V0 F 0 V0 ~VRPj:jWa00 F@u_nz '0:B]MAYwinnie Legal DeptPortiaJOHNjennyKSSOleung FUNG Stellagracejenny1psamConstitutional Affairs Branch Cynthia LOKcmleung Chief Secretary's Private OfficeDTSANGASIUxxxmaryha Subrina ChowffffMay LoltaiH Y AUHome Affairs Branch MACH NO.15420 david yipJudiciary AdministratorMISS REBECCA CHANRegistrar, Supreme CourtSEO(3)WebbCLARA WUsylau rhodapkngtp41 Karen ChankhoPYLEUNGHO, Angelina Y C GORE,Amy L H Charmaine John ChanIIPHealth & Welfare BranchTRADEITBBJob Matching CentrePaul YUEN Bing FanbsoIP Microsoft thomas kuuniversity grants committee marcus tsui Compaq UsereoisDEPARTMENT OF HEALTHrubyHousing Authority AST-H1042abc co.Administration DivisionHONG KONG HOUSING AUTHORITYsherwinachoijwilson\cooksond.m.todd Anthony LEEV T CwongVTCBS CHOIAS(A)Pool ApoolcaLabour DepartmentPCO Raymond CHAN Raymond HO Typing Pool A Joyce Cheang Mr Bell KwokjwilsonCYChungTrevorCC YuenRMU A K DEEPROSE IS DivisionInformation Systems Section GOVERNMENTLawrence Leungemb Miranda YeapMr Simon Hing Yin Tsanggibson chan howardLauRYAUfinance branchtw Annette LAMWorks Branch, G.S.yuen]F Tony Cheng Yuen, C HCari WuRaymond P.H. CHANSM(D)N1fsdfsdf john Wong y m cheungChristopher LeungITSDLRD2 HQEducation & Manpower Branchwin`FOSMUNDAWONGChan Yum-min Jamesleung Sui PingArthur F.H. LEUNGMiss Christine TangPerry SOsbMiss Konnie Kongckwok au, tony ckH K Governmentabc Loretta YANCheuk Chun-yin Alan K M ChuSam LauEva YamGOVERNMENT SECRK "Z"K\e Chris HuimsmliaastaffECOPEA1Digitekecocr4ECOKEA1ecocr2ecocr3ECOPEA2ecopew1Economics Departmentecocr6ecocr1ecocr5Catherine Leong Yoke KimCatherine LeonghasnidaSCpritha Attila EmamShanti GeoffreyCFLOKEcfleongrazakvnFrederick KhorwahidShanti GJoan ShunmugamSC-Loan Unit for evaluationrskcheahsherryelinAzizul Azmi Adnan Elaine TanNoraidaHarlynasurayaSecurities Commission Malaysia Robin Leejoanhasndia Nik ruslinkhairilshida AMINULLAHarinaKhairil Anuar AbdullahWAHID ALI KASSIM ALISHANTIGCherylNafizah KHAIRILNIZAMharlinabaiSecurities Commissionh FAD'L MOHAMEDI.T. Services Dept syed sofiranjitzakiahfarizaWong Tat ChuenMBfKAAArina; Miss ChakMicrosoft OfficeKen Yap Yap Jin Yi Jason LimBAK Time Systems Integrators Sdn BhdWAHIDmaznahKhairilerefauziummi T. C. Wong Jaslyn OngBHLB PACIFIC TRUST MGMT BERHADazmanSecurities CommisionAinshantig geoffreylornakidindfasdJN MaknoormiA Razak AhmadSECURITIES COMMISSION Tan Jee Boonanimtkchanzaher Tony BidgoodvaluationOCSHERM WAI LING(C:\MSOFFICE\WINWORD\ACTIVITY\ACT3008.DOCSHERM WAI LING(C:\MSOFFICE\WINWORD\ACTIVITY\ACT3008OCSHERM WAI LING(C:\MSOFFICE\WINWORD\ACTIVITY\ACT3008.DOCSHERM WAI LING(C:\MSOICE\WINWORD\ACTIVITY\ACT0609.DOCSHERM WAI LING(C:\MSOFFICE\WINWORD\ACTIVI\ACT0609.DOCSHERM WAI LING(C:\MSOFFICE\WINWORD\ACTIVITY\ACT0609.DOCSHERM WAI LING(C:\MSOFFIWong Foong YeeSFC USERcychinFarizaFairuz Helmi Abdul MalekabcvkiranNG(C:\MSOFFICE\WINWORD\ACTIVITY\ACT3008.DOCSHERM WAI LING(C:\MSOFFICE\WINWORD\ FILESAVEAS Rubi-Ain DahlanuklwongmSchool of ManagementchoeMr Tat Chuen WONGhtsetShaiful Bahari Mahpar May Yin LamnOCSHERM WAI LING(C:\MSOFFICE\WINWORD\ACTIVITY\ACT3008.DOCSHERM WAI LING(C:\MSOFFICE\WINWORD\ACTIVITY\ACT3008kMOHAMAD AKBARYshahrinASTROIWK Shaikh HarunRohani Hassan MohamedWong Chung ThengharunPatricia D McQueen Azenan AzalanRobert Lescano Zevy Yanovich Lynn WangenJamesv-LoriM basheer ahamdshanthi KandiahRLR tuckkeongProcterchak Nafizah OmarCOMISSO DE VAL. MOBILIRIOSANDREARogerio B MartinsCVMcvmSC-Loan Unit for evaluation PC SUPPORT Wayne Upton Greg SportonSECTRITIES COMMISSION Alina TongAuthorised User Tan Jed Boon NazaluddinrlynaicmC@/C:C:C:C:C:C;CFJCFJCFJCFJCFJCFJCFJCFJCFCFCFCFCFCFCFC& C&dCFbCFbC& JC& JC& JCFCF RrCla Attila Emamngshida*herryelin!Noraida M%ia(sndia Geoffrey;3>inffrey;E Robin Lee+CCCCCCC x;8 AMINULLAH)n Unit for evaluation5 Azizul Azmi Adnan3)#n Maley47 anti Geoffrey:a;;5Bt for evaluation5,IVITY\ACT3008 DCSHERM WAI LING(C:\MSOFFICE\WINWORD\ACTIVITY\ACT3008.DOCSHERM WAI G(C:\MSOCCE\WINWORD\ACTIVITY\ACT0609.DOCSHERM WAI LING(C:\MSOFFICE\WINWORD\IVINACT0609.DOCSHERM WAI LING(C:\MSOFFICE\WINWORD\ACTIVITY\ACT0609.DOCSHERM WAI G(C:\MSOFFIWong Foong Yeeylheryl Wong Foong Yeryl! Foong Yee Yee) ul Malek6User7/chong(C:\MSOFFICE\WINWORD\TEMPLATE\INVCOM4.DOCc AutoOpenMacroF%123OLSMACROCRIPTP LaserJet 4Si/4SiMX PS a?R Custom page 14SiMX PSDIN `G  )C[CfCCCCCCLCC8CMC@CCC9CCCDCCCNCCCTCCEC3C(CWCCF#ñWo rick Khor Shanti G Elaine TaShanti Geoffraya&Securities Commission Malaysia'4@offrey4C ik ruslin Lee+ee 'SECURITIES COMMISSIONHID ALI KASSIM ALIk Wong Foong Yee ne Upton&Securities Commission tila EmamRobin LeeCTRITIES COMMISSIONRobin LeeamRobin Lee ttila EmamRobin LeeRobin LeeRobin LeeRobin Lee Macintosh (*.mcw)0SecuRities CommissionCŸCnC&|6C&|:C&|C&|Wong  Harun!#Wong Chung Theng aikh Harun;#Wong Chung Thengeng hung ThengSecuritieR CommissionRCSecurities CommiRsionCf˻Cf1C&'C&*Cf)CfMCf(Pritha R LucasSivalingam NavaratnamC&#s$as NHk ruslinMRS.TANGsharizansc userAlina To Arulnathaniruz Helmi Abdul Malek#9 bdul Malek#Rina Tong# a luddin$zX$lPRoBert LescanoRobdrt LescanoC&$AzharShanti Isabelle GeoffreyRameshShanthi KandiahR. Dwight Hill, JrKamarudin Hashim Saifuddin Lim Yam Poh Syed IbrahimU.S. Ren Wisch greg tanzerMohd Radzi MohamadNadziAfizah Mohd SallehZaharah Zulkiflyzaharah zulkiflyFadhlyECOKEP3 BHG EkonomiPEK1 Bruce RayfuseISABELLE WEBERPALSecopep3Jabatan Perkhidmatan MaklumatMARGARET KEMBLETRADE DEPARTMENTetedhuangps/as Percy P S HoTrade Department [A(CR) Branch]TIBBranch Management Unittp51arpsarPTE2psaestanalyjowan Word 95 Dev|wpsdtuBrian Lo&dgffddtcMargaret CHEUNG Arthur Char Gordon LeungXXXXX Kenneth Chan V S H TANGRard Yauhum Industry Branch ANCE BRANCH NCE BRANCH:*Trade and Industry Branch,d Industry Branchchan  ` a& and Industry Branch dward YauIBTIBrd Yau : =TIBcetPTU2%pdiPre-installed User TradelinkAndrewnmmmalaing!Rosset, NadegePTM3HP Telly LeefbTsunehiro OgawaRosalind K. ColemanEVELYN MANALOTO DTI - APECD. T. I.DTIAsec. Edsel T. CustodioShaikh Fadilah Ahmaduser7..user6EFS????????????????????RT300RT310DBEdbe?????????????????????MT001defmiti5!  `y['`  & [[ `w??P??r??I??Trade a. christinetchoksiuSUNG, Christine SN andrew chanahorFinance Bureau!APEC 1998 Trade Ministers Meeting( as at 22 June 1998 )'Program for Hong Kong, China DelegationTimeEvent Participants23 June 1998 (Tuesday)0850"Depart for Trade Ministers MeetingSTI 0900-1230&Trade Ministers Meeting [Minister + 5]4(Sarawak Chamber, 3/F, Crowne Plaza Riverside Hotel)SSTI + DGT + DTM + DTM(des) + AR + PAS(TI)R [PTR1* in viewing room]1230)Lunch for Trade Ministers [Minister only]B(Sri Sarawak Malay Restaurant, 18/F, Crowne Plaza Riverside Hotel)STI &Lunch for Senior Officials [SO only] <(River Palace Restaurant, 3/F, Crowne Plaza Riverside Hotel)DGT 1430-1700aSTI + DGT + DTM + DTM(des) + AR + PAS(TI)R [PTR2* in viewing room]1700"Joint Ministerial Media Conference1900*Depart for Dinner (Please gather at lobby)#DGT + DTM + DTM(des) + PTR1 + TOR41915Depart for DinnerSTI + Mrs. Ada CHAU 2000KDinner hosted by the Hon. Chief Minister of Sarawak [Minister + Spouse + 5]!(State Legislative Assembly Hall)[Dress Code: Lounge Suit]:STI + Mrs. Ada CHAU + DGT + DTM + DTM(des) + PTR1 + TOR4XViewing room for Trade Ministers Meeting : Lady Suite, 3/F, Crowne Plaza Riverside Hotel* denotes note-taker.[ Mignon Chan???????????????????????????????0 |?xw :*Trade and Industry Branch,??????????????????????????????????????????& : ? =TIB  K! K!  lK0 "K0  | ! 0 WVv+3VFVFS Vx~"!VRPj:jW???0F?@u? x??????????????????????: ?y: [' : ?: : [ : [ : ? ? ?"Z0 ?"K?RRK! *APEC 1998 TMM, SOM II and Related Meetings( as at 13 June 1998 )11 June, Thursday0900#Sub-Committee on Customs Procedures4(Hilton Ballroom, G/F, Kuching Hilton International)C&E Dept140012 June, FridayElectronic Commerce RoundtableA(Sarawak Chamber I & II, 3rd Floor, Crowne Plaza Riverside Hotel)ITBB + AS(TI)R :(Hilton Ballroom, G/F, Kuching Hilton International Hotel)143013 June, Saturday!ITBB + AS(TI)R + Consumer Council<Experts Group for MRA on Electrical and Electronic Equipment8(Sarawak Chamber III, 3/F, Crowne Plaza Riverside Hotel) AD(Q) + PPSInvestment Expert Group((Pelagus,3rd Floor, Holiday Inn Kuching)AD(P)"Task Force on Electronic Commerce 1930EVSL Buick Group Dinner Meeting(Crowne Plaza Riverside Hotel)ATR114 June, Sunday"Seminar on WTO Integrated DatabaseB (Sarawak Chamber I & II, 3rd Floor, Crowne Plaza Riverside Hotel)+Sub-Committee on Standards and Conformance AD(Q) + PPS + Dr. John LO:Informal Experts Group on the Mobility for Business People<(Clearwater Suite, 18th Floor, Crowne Plaza Riverside Hotel)Immigration Dept AD(P) + AHS AD(Q) + PPS +1500Business Travel Card 1800 - 20008Steering Group Meeting on Impact of Trade Liberalisation(Venue: t.b.c.)AR2215Small Group Meeting on Services (CAP of GOS)(HKC Delegation Office) DTM + PTM115 June, Monday08001SOM Chair / CTI Chair / EVSL Coordinators Meeting"(Crested Jay, Holiday Inn Kuching)DTM + AR + PTR1Market Access Group(@Sarawak Chamber I & II, 3rd Floor, Crowne Plaza Riverside Hotel) AR + AS(TI)RCInformal Meeting of Uruguay Round Implementation / Rules of Origin TOR4Groups on ServicesPTM1SOM Sub-Committee on ECOTECH PTR2 + TOR2DTM$s Lunch Meeting with Jaya (Malaysia)EVSL Buick Group MeetingG(Australian Delegation Office, Room 510,, Crowne Plaza Riverside Hotel)0EVSL Environmental Sectoral Expert Group Meeting TOR1 + ATR1(Programs for Hong Kong, China Delegation(as at 16 June 1998)16 June, Tuesday!Committee on Trade and Investment:(Sarawak Chamber, 3rd Floor, Crowne Plaza Riverside Hotel)All (  DGT) 1230 - 1430Delegation Meeting (Lunch)B(River Palace Restaurant, 3rd Floor, Crowne Plaza Riverside Hotel)All 1500-1530Meeting with SOM Chair(Wind Suite I, 3rd Floor,Crowne Plaza Riverside Hotel) DGT + DTM + AR + PAS(TI)R + PTR1 1600-1630Bilateral with Indonesia SO(Indonesia SO Suite,Rm 510, Holiday Inn) DGT + DTM + AR + PAS(TI)R + PTR2EVSL Energy Sector Expert Group 1900 - 2100Dinner with China#DGT + DTM + AR + PAS(TI)R + AS(TI)R17 June, Wednesday 0730 - 0900"EVSL Buick Group Breakfast Meeting(Riverview Lounge, 18/F, CPR)DGT + DTM + AR 0900 - 1230All( Task Force on FoodTOR2 0930 - 1000Bilateral with US (US SO Suite, Rm 1519, DGT + ? 1015 - 1045Bilateral with Australia SODGT + 3 1145 - 1215Bilateral with Brunei SO DGT + 3/4 1400 - 1430Bilateral with Korea SO.(Korea Delegation Office, Rm 151, Holiday Inn)DGT + 2 1430 - 1700 1530 - 1600Bilateral with Chile SO.(Chile Delegation Office, Rm 153, Holiday Inn) 1600 - 1800Peer Review MeetingDGT + AR + PAS(TI)R + AS(TI)R(as at 17 June 1998)18 June, Thursday0900  1230(be seated by 0850) Senior Officials Meeting (Note taker: PTR1)1430  170019 June, Friday(Note taker: AS(TI)R)1000Liaison Officer Meeting(Clearwater Suite, 18/F,TOR2 + ATR1 + ACS41845  1915Bilateral with New Zealand SO(New Zealand Delegation Office, Rm 314, Hilton)SO + 320 June, Saturday(Note taker: PTR2)(t.b.c.)Drinks with China(Venue t.b.c.)t.b.c.+ APEC 1998 TMM, SOM II and Related MeetingsvioletFOCI12FINANCIAL SERICES BRANCH Josefina ShenPC1880McK- Hong KongPC2009Albert K C Lam Laurence YipVbspuPTR2 Julina CHAN cathy wong Lorna Leung ting yip ynj Bonnie KC Aupeggy kevin yeungTRANSPORT BRANCHtbuserSOTransport Departmentsep2 K. H. Taocsep1SE/Headquarters AnthonyLooTEKPSCEERPmleeAugustine K Lee transportalschengA. Lam Ivan K B LeeTechnical Secretariatryoung Doris Liu Anita Mak21496WSD LAU MEI YEEKW CHANDA_TYPOL Edmond Lamdng cho carlyEmma Lau Wilfred WUcngai Betty Neohqqq stella fungichengrita Pamela Lamchristine tangChan Chung ChingPhilSusannaPLDORTAcssortaPLANNINGplanning PLANNING DEPT leung yin wah ACER-A428`{P-Pbpw%Ěw%Ďw%Đw%ćw%Čw%ċw%Ēw%ĕw%ďw%ēw%Ėw%ėw%ęr%rf"r:rNrPr\rarbrDrkrqrxrNrOrQrPrsrXrYTrade and Industry Branch0F( LMesdaqITSiti Loreley BakriShareen SharizaAggie Chew - Listing aggie chewShaharin Hashim - Listing MOHD FARIZ Edward Lee Ung Su LingUng Su Ling - LegalLim Shiew YuinJAMALUDDIN-SUHAIREENSystem AdministratorPhileoAllied BerhadTehDixon Wong Pek Seng PhileoAlliedWongAlliedBank (Malaysia) BhdPhileo Allied Berhad TH Teh, PABJT Ong Michael TingMs. Tan.The Quick Brown FoxSegari Energy VenturesSEGARI ENERGY VENTURES S/BShaharizan bin SallehMRCBSegari Energy Ventures Sdn BhdMALAKOFF BERHADzfy Philip Koh Raphal JosseCREDIT LYONNAIS RITHAUDDEENMDCHCheang & Ariff ZAIN & CO elizabeth User Name Trade Finance Ung Su Ling Teh Soo HooiCF?C??Fathi R.A. FauziFATHILAH ISHAKAmran Abdul Latip - IT maria rajIntel Pentium MMX P-166Mhzainul ainulashikinCAF INTERNATIONAL Encik Azizi HASAN IDRISShamsul Kamal bin Hussein KamalDavid Tan Jee BoonLim Siew Siew - IT Lim Siew SiewVasantha Jeyaseelan Axis systemsCSAPALLIEgohck Cheong Luping James WeeArneza Bt Mohd - ITnazimBarrettJanus Technologies, Inc. Chris BarrettaziziEstherSak Moi Yong - IntermediarySakMY UnregisteredcsaArnezaMPWMister XShaharin Norliah DaudHoung Yeu Huat - CSA/CSLNikihsalunia NomsajAinulashikin JasmonN ChandrasekaranSazaluddin Mansor - TrainingNorlieNORLIAPrice WaterhouseManagement Consultingbyng&Chandrasekaran a/l R Narayanasamy - ITpallieShaharin Hashimstand Ng Meng Wah samsuddinChong Lee Yeng Jerry Chin SazaluddinarulKLSEklse Li Lee OngNOORLIN bonnie choyhaslina aidura haronscanszuraiha zulkiflisla02aishah aZulkarnain Mohd Ghazali tan lee mingMukhriz Mudaris Mahmud norhayati KLSEmd9967 vigneswariCik Siti Guri DhillonSCANS JOHN & JUDY Betty Yeap Patrick Leongsla01adabijohn ooihanita Karyn ChinAzul Sidek AdnanbillfadzillailatulMPHwong_cm Liew Chee KonTAN CHENG TECKJohn OoiTAN GTsuhailaLiew Azila Masrisharon_theresa LOO MING NYUK Suresh KumarBSN MERCHANT BANKBSN MERCHANT BANK BHD.Zurin Azraii Abdul Rahmanismail johari othman#ARAB-MALAYSIAN MERCHANT BANK BERHADNOOR Rosida OthmanmalarCAREN KAN FOONG HEH Emilia TeeTee Yoke HoongMCDYKSIEW naidawatiMARHANIsalmi norsalizahpmbbPERDANA MERCHANT BANKERS BHDPERDANA MERCHANT BANKER BHD Sandra GiamPerdana Merchant Bankers Berhadperdana merchant bankers bhdZanariahmaziahresearch hock soonamelia tan yoke moiRachel Tham Lai Fangallister smitheffaCharlesIM Ainun Ayub BANGI HEIGHTUNITED MALAYAN LAND BHDUNITED MALAYAN LANDUML BHDrozainizamryzaidi rahim saadArshad Azizi Bin Kamaruddin Moorthi NavamanihelpdeskMIMB siti_hidriahponniah siti zalehaHONG WAI CHOONGHONG WCAziz Bin MohamadNor Khizam Sajari @ Sulaiman Goh Leng LengCTOOIKHIZAMFakhrul Adabi Bin Nawi BDO BindermYsTiCal dRaGoNHamidi Maihadzni Chin Wong WINDOWS 95 rosinawatirazak_m hayata azian shamshidarRPD R&P Officer Joyce LeeR&P06R&P7 Kamal FitritraineeR&P23R&P1r&p15YongMAHR&P07library Commsdepthishamaishah Shuit ChengNoor Iskandar Hashim bin Noor wan jasminCSC SDN. BHD.rosnah thanabalanMohantcr&p12ZAKIAHMUZAMMIRrosnani Lim Eng KooiDaniel Gligorovlau_flGigi Franciscomohd aliPeter RAJENDRANconsolethila reeza bustami lew tuck waiMastura Ayu Abdul SamadMastura noorhayaty MR WON KUAN SA71400382 ALBERT_LIMdahliaMASITAHPJB Pacific Securities S/BMagrettaLeong Pook WeimdfairuzZULKIPLIMicroSoft Windows Janice RamsayTechnical Department ITHSBKhalil Dean Mohd DaudSiti RoszainieMicrosoft Office 1997halizahSanjeev SivalingamzulkifliArniza Cheryl LeeDMP MARKETING CONSULTANCY S/Bamran David TanTan Jee Boon - MSDjbtanWong Kok Leong Omar Merican Fanny WanHKMA020fungLeeGovernment Property AgencyHKMA991IFNifnCity University of Hong KongA509 Miranda Yip Miranda Lai Leland SunA79 JAStracke3Virginia Mei Yin Lee\COMMA42Jeff STATION 4 FAI & MANRTtctwongKL CHANefkclim Compaq's Userhong kong monetary authoritySIU YUNG CHAN KAIVera x  ]gdn #$#@$J$%%&&'(166666666666666666666 !!a "%FHK  mor24888888888888Pgh2$P;ϔ78-h2$͙\ {J*l2$Kam{lj|. o$2$,\T*⇡71x s2$l] g$ڄMg w2$9TߓRׄ2$9ZIJJsA 2${DTfL: ړ2$~-z? 2$RBK b<98m5 2$EI]X/@ g(    N  3 R N  3 - N  3   N  3 1 Z ] s *]A ??2Z ^ s *^A ??'Z _ s *_A ??*Z ` s *`A ??Z a s *aA ??$Z b s *bA  ??Z c s *cA  ??"Z d s *dA  ?? Z e s *eA  ?? Z f s *fA  ?? #Z g s *gA ?? B S  ? u w  >$&1]$ t^p$ t_1$ t`$,ta$M t5 p#Utb$ tc ${ t/$ tdz$ te$ tfY$ tn$ tg$ t$tL _979108416 _979109100 _981206923 _981363495 _981561130 _981793588 _981891644 _979108414 _979109102 _981206924 _981363496 _981561132 _981793478 _981891645 _979108412 _979109103 _981206926 _981363497 _981561134 _981793590 _981891647 _979108410 _979109104 _981206927 _981363498 _981561136 _981793591 _981891648 _979108408 _979109105 _981206928 _981363500 _981561137 _981793592 _981794338 _981891638 _979108407 _979109107 _981206929 _981363501 _981561139 _981793593 _981891649 _979108405 _979109108 _981206931 _981363502 _981561140 _981793595 _981891651 _979108403 _979109109 _981206932 _981363503 _981561141 _981793596 _981891652 _979108401 _979109110 _981206933 _981363504 _981561142 _981793597 _981891653 _979108399 _979109116 _981206941 _981363515 _981561145 _981793602 _979108396 _979109117 _981206921 _981363516 _981561146 _981793603------- . . . . . . ...............F/F/F/F/F/F/F/F//////// 0 0 0 0 0 0 0m0m0m0m0m0m0m000000002121212121211111111@@@@@@@@@ @ @ @ @ @@@@@@@@@@@@@@@@@@@ @!@"@#@$@%@&@'@(@)@*@+@,@-@.@/@0@1@2@3@4@5@6@7@8@9@:@;@<@=@>@?@@@A@B@C@D@E@F@G@H@I@J@K@------- . . . . . . ...............F/F/F/F/F/F/F/F//////// 0 0 0 0 0 0 0m0m0m0m0m0m0m000000002121212121211111111VX0 2 @)))*1@)))*1Hong Kong Monetary Authority*C:\LAWRENCE\Tess\CBC report\cbcmarch99.docHong Kong Monetary Authority*C:\LAWRENCE\Tess\CBC report\cbcmarch99.docHong Kong Monetary Authority*C:\LAWRENCE\Tess\CBC report\cbcmarch99.docHong Kong Monetary Authority*C:\LAWRENCE\Tess\CBC report\cbcmarch99.docHong Kong Monetary Authority*C:\LAWRENCE\Tess\CBC report\cbcmarch99.docHong Kong Monetary Authority*C:\LAWRENCE\Tess\CBC report\cbcmarch99.docHong Kong Monetary Authority*C:\LAWRENCE\Tess\CBC report\cbcmarch99.docHKMA8C:\PERSONAL\ARTHUR\EFAC\CucyBoard\minutes\5Mar99-Anx.docHKMAC:\RC\Temp\990322e.docHKMAC:\RC\Temp\990322e.doc( %g50:1*SQnk0."hh.`o(.0o(.h.nk%g5(1*S@|%?)@))))))*111@@@J@@@0k@@vZ@@d@[@Af@[@@h@[@@.k@@0k@GTimes New Roman5Symbol3& Arial1e0}fԚ/5 0}fԚWCenturyTimes New Roman"hƳ3&ʳ3&ų3&"H0d)'Report on the Currency Board OperationsHong Kong Monetary AuthorityHKMA9*:*O*T*Y*Z*l*q*v*w*********+U+V+`+j+t+u+}++++++++++++++++++++++++++1888  ssssssssssssssssssss@ @@  k(14"&/2u )-:..~//i01O14!#%()*+,.013+05 $'-UnknownHKMAHong Kong Monetary AuthorityHong Kong Governmentalai K C KwongCherry KC LingALEX HK GovernmentHONG KONG MONETARY AUTHORITY Larry ClarkaCOMPSummaryInformation(=DocumentSummaryInformation8CompObj f0TableQlUTER SECTIONCandice & Kelvintransport branch carrielamFINANCE BRANCHK K LamTransport Branch LIU CHIN HOCoconutW H KWOKJeanette LEWISDMSPlanning DivisioneHONG KONG GOVERNMENTCE/TTScfrtb2CETTPTsang King Manend userCOMPAQ Paul Chan Michael LeungP K CHANW M YU C K CHENGP W SHAMOFTAHK GOVTHousing Branch M. KiernanChanITBuserRHKPFepen Sally MY WongVIP ben chengpdcnAdminabd WONG, Joe TYMSO IT 2LAU, Anthony C Raymond Wong Ronald LiauwLANMANHealth and Welfare Branchcindy christina LauMicrosoft Corporationawong ada leungaaasussexhealth and welfare branchccheung CW DIVISIONPOMKkmakRNGCheng Yan CheetpangDanielTony LamngaiF & A Dept - ITSLeung, Phyllis, MYBobby K L ChanCPPONSecurity BranchBertha W F LEEASD sandy leungwycheungdfu ccheung BFM William Yiu Albert Chan Tony Wong WILFRED CHAN Olivia ChanabG Nagendra Prasad Benny Wongx852x835.... Andrew Tam SBC Warburg FELIX LIUWord Development Bowen Lau Peter Hsueh Brian Lee general userExcelBowenPaulineV9 vSally Lo123 G N Prasad?V? Kathy OgawaENTER YOUR NAME HEREEnter Your Name HerefoobarbennyHKGchoEve Wong Vivian Chung Derek Fung Helen WongJoanne Ballantyne Mike ReinemerPJR PR?Marketing Leopard Sharq Edgar TungschanStephen Williams userRHKPFepen Sally MY WongVIP ben chengpdcnAdminabd WONG, Joe TYMSO IT 2LAU, Anthony C Raymond Wong Ronald LiauwLANMANHealth and Welfare Branchcindy christina LauMicrosoft Corporationawong ada leungaaasussexhealth and welfare branchccheung CW DIVISIONPOMKkmakRNGCheng Yan CheetpangDanielTony LamngaiF & A Dept - ITSLeung, Phyllis, MYBobby K L ChanCPPONSecurity BranchBertha W F LEEASD sandy leungwycheungdfu ccheung BFM William Yiu Albert Chan Tony Wong WILFRED CHAN Olivia ChanabG Nagendra Prasad Benny Wongx852x835.... Andrew Tam SBC Warburg FELIX LIUWord Development Bowen Lau Peter Hsueh Brian Lee general userExcelBowenPaulineV9 vSally Lo123 G N Prasad?V? Kathy OgawaENTER YOUR NAME HEREEnter Your Name HerefoobarbennyHKGchoEve Wong Vivian Chung Derek Fung Helen WongJoanne Ballantyne Mike ReinemerPJR PR?Marketing Leopard Sharq Edgar TungschanStephen Williams Desmond Chan/n?e^ Fanny WONG Desmond Chan Dan FisherOffice of the PresidentmpfPreferred CustomerBarbara DickensPatricia M. MatchettgroosAngela BabbingtonLea Boag Peroni LeungkennyKWOK's Raymond TamhkmaFinance Branch patrick lauFSBGovernment Printing DepartmentGOVERNMENT PRINTING DEPARTMENTpescodMrs Philomena Leung Barbara SiuTrade and Industry BranchgkwanMWONGbchingacheungEducation and Manpower Branch Edward Yaurchan B DIVISIONcliflorence Liza Shum Arnold M JB DIV2rrrrrrrrrrrrrrrIVISIONVISION Branchhan CE BRANCHranchand Industry BranchBRANCH dustry Branchward Yau Winnie Yeung Bassanio SoPMSO(S)REBECCA HY WONGRaymond & Ingrid FANAnita LI Rowse, M J TEMBTAM HT Gloria WongHero catherine lawLCHANstaT1Education DepartmentTIMr LeeVESEDLIBRARY SECTIONedK C4[}<f#o,?CDI, EDEDUCATION DEPARTMENTInformation Systems DivisionTeacher CentreCase Management DivisionDept Admin UnitOfficial Receiver's OfficeHong Kong Government 1 David Lau Wendy CheungC3t rrrrrrrrrr?y['?`[[T?{57E ??PKRKRK?Z"K?K K C Kwonge I%I%I%I%I% wilson ChiuHong Kong Monetary AuthorityPricewaterhouseCoopersC&LPeter LiPeeFZteFZ_eFZaeFZgeFZceFZheFZi Loh UantchernUserSUPER COMPUTERXXe!BHKCSSGlenn ShimamotoECONOMIC SERVICES BRANCH Bank of International Settlement Cedric WongRMMS MONITA MAChiu Yuk Fan Carman Chua Hoi WaiLand Fund Office,BILLY S.Y. LAI, HKSAR GOVERNMENT LAND FUND Land Fund OfficeBILLY S.Y. LAIPC-91-17 underhillPC-91-05Group Treasury Stephen SmithAsia Regional OfficeSELECT AGREEMENT Greg du BernLowellMitAccents Ronnie FungSystemSWIRE TRAVEL LTD.SYSTEM Rebecca Kwok+SmartDesk Personal Business Center by AegisMicrosoft Office 4.3:\FAX2.DOCMicrosoft Office 4.3 A:\FAX3.DOCMicrosoft Offic4.3 A:\FAX3.DOCMicrosoft Office 4.3 A:\FAX3.DOCMicroft Office 4.3 A:\FAX3.DOCMicrosoft Office 4.3 A:\FAX3.DOCMicrosoft Office 4.3 A:\FAX3.DOCMicrosoft Office 4.A:\FAX3.DOCMicrosoft Office 4.3 A:\FAX3.DOC@Epson LQ-1170 ESC/P Veronica Lai Robert YihSWIRE TRAVEL LTD Michael LauTrade Department Linda WongUSER KWOK Wai-chiu"Bank for International SettlementsBWkl Derek Cheung Judy TongcbmecllLI QINPaul Moser-BoehmJLAUtestKKlK"K|sanis Mr K C Kwong Stephen SelbykwongBWongGIS Bernard LongGenericCHEUNG, Evita Y Fmytang Stella Fung HO, Susie S ykchoi anita lau LegCo Usermlai Ting, Jessieochanmli YEN, CeciliaSupervisor of EU angela luke yammarchEconomic Services BranchC GODWINwcheung Ophelia Tsang Kitty YauSARA LAU Alfred SHUMKC KWONGSPOMary Kanm stoneRikkieIris LawPOKOCpangCatherine ChanCentral Policy UnitniljsunGUEST Heidi LeungChungglassDonald YK TsangCheung Shuk Ting, Wendy ESMOND LEELegal DepartmentRaymond & Ingrid FAN WV9 v+30 V9 F9 V0 F 0 V0 ~VRPj:jWa00 F@u_nz '0:B]MAYwinnie Legal DeptPortiaJOHNjennyKSSOleung FUNG Stellagracejenny1psamConstitutional Affairs Branch Cynthia LOKcmleung Chief Secretary's Private OfficeDTSANGASIUxxxmaryha Subrina ChowffffMay LoltaiH Y AUHome Affairs Branch MACH NO.15420 david yipJudiciary AdministratorMISS REBECCA CHANRegistrar, Supreme CourtSEO(3)WebbCLARA WUsylau rhodapkngtp41 Karen ChankhoPYLEUNGHO, Angelina Y C GORE,Amy L H Charmaine John ChanIIPHealth & Welfare BranchTRADEITBBJob Matching CentrePaul YUEN Bing FanbsoIP Microsoft thomas kuuniversity grants committee marcus tsui Compaq UsereoisDEPARTMENT OF HEALTHrubyHousing Authority AST-H1042abc co.Administration DivisionHONG KONG HOUSING AUTHORITYsherwinachoijwilson\cooksond.m.todd Anthony LEEV T CwongVTCBS CHOIAS(A)Pool ApoolcaLabour DepartmentPCO Raymond CHAN Raymond HO Typing Pool A Joyce Cheang Mr Bell KwokjwilsonCYChungTrevorCC YuenRMU A K DEEPROSE IS DivisionInformation Systems Section GOVERNMENTLawrence Leungemb Miranda YeapMr Simon Hing Yin Tsanggibson chan howardLauRYAUfinance branchtw Annette LAMWorks Branch, G.S.yuen]F Tony Cheng Yuen, C HCari WuRaymond P.H. CHANSM(D)N1fsdfsdf john Wong y m cheungChristopher LeungITSDLRD2 HQEducation & Manpower Branchwin`FOSMUNDAWONGChan Yum-min Jamesleung Sui PingArthur F.H. LEUNGMiss Christine TangPerry SOsbMiss Konnie Kongckwok au, tony ckH K Governmentabc Loretta YANCheuk Chun-yin Alan K M ChuSam LauEva YamGOVERNMENT SECRK "Z"K\e Chris HuimsmliaastaffECOPEA1Digitekecocr4ECOKEA1ecocr2ecocr3ECOPEA2ecopew1Economics Departmentecocr6ecocr1ecocr5Catherine Leong Yoke KimCatherine LeonghasnidaSCpritha Attila EmamShanti GeoffreyCFLOKEcfleongrazakvnFrederick KhorwahidShanti GJoan ShunmugamSC-Loan Unit for evaluationrskcheahsherryelinAzizul Azmi Adnan Elaine TanNoraidaHarlynasurayaSecurities Commission Malaysia Robin Leejoanhasndia Nik ruslinkhairilshida AMINULLAHarinaKhairil Anuar AbdullahWAHID ALI KASSIM ALISHANTIGCherylNafizah KHAIRILNIZAMharlinabaiSecurities Commissionh FAD'L MOHAMEDI.T. Services Dept syed sofiranjitzakiahfarizaWong Tat ChuenMBfKAAArina; Miss ChakMicrosoft OfficeKen Yap Yap Jin Yi Jason LimBAK Time Systems Integrators Sdn BhdWAHIDmaznahKhairilerefauziummi T. C. Wong Jaslyn OngBHLB PACIFIC TRUST MGMT BERHADazmanSecurities CommisionAinshantig geoffreylornakidindfasdJN MaknoormiA Razak AhmadSECURITIES COMMISSION Tan Jee Boonanimtkchanzaher Tony BidgoodvaluationOCSHERM WAI LING(C:\MSOFFICE\WINWORD\ACTIVITY\ACT3008.DOCSHERM WAI LING(C:\MSOFFICE\WINWORD\ACTIVITY\ACT3008OCSHERM WAI LING(C:\MSOFFICE\WINWORD\ACTIVITY\ACT3008.DOCSHERM WAI LING(C:\MSOICE\WINWORD\ACTIVITY\ACT0609.DOCSHERM WAI LING(C:\MSOFFICE\WINWORD\ACTIVI\ACT0609.DOCSHERM WAI LING(C:\MSOFFICE\WINWORD\ACTIVITY\ACT0609.DOCSHERM WAI LING(C:\MSOFFIWong Foong YeeSFC USERcychinFarizaFairuz Helmi Abdul MalekabcvkiranNG(C:\MSOFFICE\WINWORD\ACTIVITY\ACT3008.DOCSHERM WAI LING(C:\MSOFFICE\WINWORD\ FILESAVEAS Rubi-Ain DahlanuklwongmSchool of ManagementchoeMr Tat Chuen WONGhtsetShaiful Bahari Mahpar May Yin LamnOCSHERM WAI LING(C:\MSOFFICE\WINWORD\ACTIVITY\ACT3008.DOCSHERM WAI LING(C:\MSOFFICE\WINWORD\ACTIVITY\ACT3008kMOHAMAD AKBARYshahrinASTROIWK Shaikh HarunRohani Hassan MohamedWong Chung ThengharunPatricia D McQueen Azenan AzalanRobert Lescano Zevy Yanovich Lynn WangenJamesv-LoriM basheer ahamdshanthi KandiahRLR tuckkeongProcterchak Nafizah OmarCOMISSO DE VAL. MOBILIRIOSANDREARogerio B MartinsCVMcvmSC-Loan Unit for evaluation PC SUPPORT Wayne Upton Greg SportonSECTRITIES COMMISSION Alina TongAuthorised User Tan Jed Boon NazaluddinrlynaicmC@/C:C:C:C:C:C;CFJCFJCFJCFJCFJCFJCFJCFJCFCFCFCFCFCFCFC& C&dCFbCFbC& JC& JC& JCFCF RrCla Attila Emamngshida*herryelin!Noraida M%ia(sndia Geoffrey;3>inffrey;E Robin Lee+CCCCCCC x;8 AMINULLAH)n Unit for evaluation5 Azizul Azmi Adnan3)#n Maley47 anti Geoffrey:a;;5Bt for evaluation5,IVITY\ACT3008 DCSHERM WAI LING(C:\MSOFFICE\WINWORD\ACTIVITY\ACT3008.DOCSHERM WAI G(C:\MSOCCE\WINWORD\ACTIVITY\ACT0609.DOCSHERM WAI LING(C:\MSOFFICE\WINWORD\IVINACT0609.DOCSHERM WAI LING(C:\MSOFFICE\WINWORD\ACTIVITY\ACT0609.DOCSHERM WAI G(C:\MSOFFIWong Foong Yeeylheryl Wong Foong Yeryl! Foong Yee Yee) ul Malek6User7/chong(C:\MSOFFICE\WINWORD\TEMPLATE\INVCOM4.DOCc AutoOpenMacroF%123OLSMACROCRIPTP LaserJet 4Si/4SiMX PS a?R Custom page 14SiMX PSDIN `G  )C[CfCCCCCCLCC8CMC@CCC9CCCDCCCNCCCTCCEC3C(CWCCF#ñWo rick Khor Shanti G Elaine TaShanti Geoffraya&Securities Commission Malaysia'4@offrey4C ik ruslin Lee+ee 'SECURITIES COMMISSIONHID ALI KASSIM ALIk Wong Foong Yee ne Upton&Securities Commission tila EmamRobin LeeCTRITIES COMMISSIONRobin LeeamRobin Lee ttila EmamRobin LeeRobin LeeRobin LeeRobin Lee Macintosh (*.mcw)0SecuRities CommissionCŸCnC&|6C&|:C&|C&|Wong  Harun!#Wong Chung Theng aikh Harun;#Wong Chung Thengeng hung ThengSecuritieR CommissionRCSecurities CommiRsionCf˻Cf1C&'C&*Cf)CfMCf(Pritha R LucasSivalingam NavaratnamC&#s$as NHk ruslinMRS.TANGsharizansc userAlina To Arulnathaniruz Helmi Abdul Malek#9 bdul Malek#Rina Tong# a luddin$zX$lPRoBert LescanoRobdrt LescanoC&$AzharShanti Isabelle GeoffreyRameshShanthi KandiahR. Dwight Hill, JrKamarudin Hashim Saifuddin Lim Yam Poh Syed IbrahimU.S. Ren Wisch greg tanzerMohd Radzi MohamadNadziAfizah Mohd SallehZaharah Zulkiflyzaharah zulkiflyFadhlyECOKEP3 BHG EkonomiPEK1 Bruce RayfuseISABELLE WEBERPALSecopep3Jabatan Perkhidmatan MaklumatMARGARET KEMBLETRADE DEPARTMENTetedhuangps/as Percy P S HoTrade Department [A(CR) Branch]TIBBranch Management Unittp51arpsarPTE2psaestanalyjowan Word 95 Dev|wpsdtuBrian Lo&dgffddtcMargaret CHEUNG Arthur Char Gordon LeungXXXXX Kenneth Chan V S H TANGRard Yauhum Industry Branch ANCE BRANCH NCE BRANCH:*Trade and Industry Branch,d Industry Branchchan  ` a& and Industry Branch dward YauIBTIBrd Yau : =TIBcetPTU2%pdiPre-installed User TradelinkAndrewnmmmalaing!Rosset, NadegePTM3HP Telly LeefbTsunehiro OgawaRosalind K. ColemanEVELYN MANALOTO DTI - APECD. T. I.DTIAsec. Edsel T. CustodioShaikh Fadilah Ahmaduser7..user6EFS????????????????????RT300RT310DBEdbe?????????????????????MT001defmiti5!  `y['`  & [[ `w??P??r??I??Trade a. christinetchoksiuSUNG, Christine SN andrew chanahorFinance Bureau!APEC 1998 Trade Ministers Meeting( as at 22 June 1998 )'Program for Hong Kong, China DelegationTimeEvent Participants23 June 1998 (Tuesday)0850"Depart for Trade Ministers MeetingSTI 0900-1230&Trade Ministers Meeting [Minister + 5]4(Sarawak Chamber, 3/F, Crowne Plaza Riverside Hotel)SSTI + DGT + DTM + DTM(des) + AR + PAS(TI)R [PTR1* in viewing room]1230)Lunch for Trade Ministers [Minister only]B(Sri Sarawak Malay Restaurant, 18/F, Crowne Plaza Riverside Hotel)STI &Lunch for Senior Officials [SO only] <(River Palace Restaurant, 3/F, Crowne Plaza Riverside Hotel)DGT 1430-1700aSTI + DGT + DTM + DTM(des) + AR + PAS(TI)R [PTR2* in viewing room]1700"Joint Ministerial Media Conference1900*Depart for Dinner (Please gather at lobby)#DGT + DTM + DTM(des) + PTR1 + TOR41915Depart for DinnerSTI + Mrs. Ada CHAU 2000KDinner hosted by the Hon. Chief Minister of Sarawak [Minister + Spouse + 5]!(State Legislative Assembly Hall)[Dress Code: Lounge Suit]:STI + Mrs. Ada CHAU + DGT + DTM + DTM(des) + PTR1 + TOR4XViewing room for Trade Ministers Meeting : Lady Suite, 3/F, Crowne Plaza Riverside Hotel* denotes note-taker.[ Mignon Chan???????????????????????????????0 |?xw :*Trade and Industry Branch,??????????????????????????????????????????& : ? =TIB  K! K!  lK0 "K0  | ! 0 WVv+3VFVFS Vx~"!VRPj:jW???0F?@u? x??????????????????????: ?y: [' : ?: : [ : [ : ? ? ?"Z0 ?"K?RRK! *APEC 1998 TMM, SOM II and Related Meetings( as at 13 June 1998 )11 June, Thursday0900#Sub-Committee on Customs Procedures4(Hilton Ballroom, G/F, Kuching Hilton International)C&E Dept140012 June, FridayElectronic Commerce RoundtableA(Sarawak Chamber I & II, 3rd Floor, Crowne Plaza Riverside Hotel)ITBB + AS(TI)R :(Hilton Ballroom, G/F, Kuching Hilton International Hotel)143013 June, Saturday!ITBB + AS(TI)R + Consumer Council<Experts Group for MRA on Electrical and Electronic Equipment8(Sarawak Chamber III, 3/F, Crowne Plaza Riverside Hotel) AD(Q) + PPSInvestment Expert Group((Pelagus,3rd Floor, Holiday Inn Kuching)AD(P)"Task Force on Electronic Commerce 1930EVSL Buick Group Dinner Meeting(Crowne Plaza Riverside Hotel)ATR114 June, Sunday"Seminar on WTO Integrated DatabaseB (Sarawak Chamber I & II, 3rd Floor, Crowne Plaza Riverside Hotel)+Sub-Committee on Standards and Conformance AD(Q) + PPS + Dr. John LO:Informal Experts Group on the Mobility for Business People<(Clearwater Suite, 18th Floor, Crowne Plaza Riverside Hotel)Immigration Dept AD(P) + AHS AD(Q) + PPS +1500Business Travel Card 1800 - 20008Steering Group Meeting on Impact of Trade Liberalisation(Venue: t.b.c.)AR2215Small Group Meeting on Services (CAP of GOS)(HKC Delegation Office) DTM + PTM115 June, Monday08001SOM Chair / CTI Chair / EVSL Coordinators Meeting"(Crested Jay, Holiday Inn Kuching)DTM + AR + PTR1Market Access Group(@Sarawak Chamber I & II, 3rd Floor, Crowne Plaza Riverside Hotel) AR + AS(TI)RCInformal Meeting of Uruguay Round Implementation / Rules of Origin TOR4Groups on ServicesPTM1SOM Sub-Committee on ECOTECH PTR2 + TOR2DTM$s Lunch Meeting with Jaya (Malaysia)EVSL Buick Group MeetingG(Australian Delegation Office, Room 510,, Crowne Plaza Riverside Hotel)0EVSL Environmental Sectoral Expert Group Meeting TOR1 + ATR1(Programs for Hong Kong, China Delegation(as at 16 June 1998)16 June, Tuesday!Committee on Trade and Investment:(Sarawak Chamber, 3rd Floor, Crowne Plaza Riverside Hotel)All (  DGT) 1230 - 1430Delegation Meeting (Lunch)B(River Palace Restaurant, 3rd Floor, Crowne Plaza Riverside Hotel)All 1500-1530Meeting with SOM Chair(Wind Suite I, 3rd Floor,Crowne Plaza Riverside Hotel) DGT + DTM + AR + PAS(TI)R + PTR1 1600-1630Bilateral with Indonesia SO(Indonesia SO Suite,Rm 510, Holiday Inn) DGT + DTM + AR + PAS(TI)R + PTR2EVSL Energy Sector Expert Group 1900 - 2100Dinner with China#DGT + DTM + AR + PAS(TI)R + AS(TI)R17 June, Wednesday 0730 - 0900"EVSL Buick Group Breakfast Meeting(Riverview Lounge, 18/F, CPR)DGT + DTM + AR 0900 - 1230All( Task Force on FoodTOR2 0930 - 1000Bilateral with US (US SO Suite, Rm 1519, DGT + ? 1015 - 1045Bilateral with Australia SODGT + 3 1145 - 1215Bilateral with Brunei SO DGT + 3/4 1400 - 1430Bilateral with Korea SO.(Korea Delegation Office, Rm 151, Holiday Inn)DGT + 2 1430 - 1700 1530 - 1600Bilateral with Chile SO.(Chile Delegation Office, Rm 153, Holiday Inn) 1600 - 1800Peer Review MeetingDGT + AR + PAS(TI)R + AS(TI)R(as at 17 June 1998)18 June, Thursday0900  1230(be seated by 0850) Senior Officials Meeting (Note taker: PTR1)1430  170019 June, Friday(Note taker: AS(TI)R)1000Liaison Officer Meeting(Clearwater Suite, 18/F,TOR2 + ATR1 + ACS41845  1915Bilateral with New Zealand SO(New Zealand Delegation Office, Rm 314, Hilton)SO + 320 June, Saturday(Note taker: PTR2)(t.b.c.)Drinks with China(Venue t.b.c.)t.b.c.+ APEC 1998 TMM, SOM II and Related MeetingsvioletFOCI12FINANCIAL SERICES BRANCH Josefina ShenPC1880McK- Hong KongPC2009Albert K C Lam Laurence YipVbspuPTR2 Julina CHAN cathy wong Lorna Leung ting yip ynj Bonnie KC Aupeggy kevin yeungTRANSPORT BRANCHtbuserSOTransport Departmentsep2 K. H. Taocsep1SE/Headquarters AnthonyLooTEKPSCEERPmleeAugustine K Lee transportalschengA. Lam Ivan K B LeeTechnical Secretariatryoung Doris Liu Anita Mak21496WSD LAU MEI YEEKW CHANDA_TYPOL Edmond Lamdng cho carlyEmma Lau Wilfred WUcngai Betty Neohqqq stella fungichengrita Pamela Lamchristine tangChan Chung ChingPhilSusannaPLDORTAcssortaPLANNINGplanning PLANNING DEPT leung yin wah ACER-A428`{P-Pbpw%Ěw%Ďw%Đw%ćw%Čw%ċw%Ēw%ĕw%ďw%ēw%Ėw%ėw%ęr%rf"r:rNrPr\rarbrDrkrqrxrNrOrQrPrsrXrYTrade and Industry Branch0F( LMesdaqITSiti Loreley BakriShareen SharizaAggie Chew - Listing aggie chewShaharin Hashim - Listing MOHD FARIZ Edward Lee Ung Su LingUng Su Ling - LegalLim Shiew YuinJAMALUDDIN-SUHAIREENSystem AdministratorPhileoAllied BerhadTehDixon Wong Pek Seng PhileoAlliedWongAlliedBank (Malaysia) BhdPhileo Allied Berhad TH Teh, PABJT Ong Michael TingMs. Tan.The Quick Brown FoxSegari Energy VenturesSEGARI ENERGY VENTURES S/BShaharizan bin SallehMRCBSegari Energy Ventures Sdn BhdMALAKOFF BERHADzfy Philip Koh Raphal JosseCREDIT LYONNAIS RITHAUDDEENMDCHCheang & Ariff ZAIN & CO elizabeth User Name Trade Finance Ung Su Ling Teh Soo HooiCF?C??Fathi R.A. FauziFATHILAH ISHAKAmran Abdul Latip - IT maria rajIntel Pentium MMX P-166Mhzainul ainulashikinCAF INTERNATIONAL Encik Azizi HASAN IDRISShamsul Kamal bin Hussein KamalDavid Tan Jee BoonLim Siew Siew - IT Lim Siew SiewVasantha Jeyaseelan Axis systemsCSAPALLIEgohck Cheong Luping James WeeArneza Bt Mohd - ITnazimBarrettJanus Technologies, Inc. Chris BarrettaziziEstherSak Moi Yong - IntermediarySakMY UnregisteredcsaArnezaMPWMister XShaharin Norliah DaudHoung Yeu Huat - CSA/CSLNikihsalunia NomsajAinulashikin JasmonN ChandrasekaranSazaluddin Mansor - TrainingNorlieNORLIAPrice WaterhouseManagement Consultingbyng&Chandrasekaran a/l R Narayanasamy - ITpallieShaharin Hashimstand Ng Meng Wah samsuddinChong Lee Yeng Jerry Chin SazaluddinarulKLSEklse Li Lee OngNOORLIN bonnie choyhaslina aidura haronscanszuraiha zulkiflisla02aishah aZulkarnain Mohd Ghazali tan lee mingMukhriz Mudaris Mahmud norhayati KLSEmd9967 vigneswariCik Siti Guri DhillonSCANS JOHN & JUDY Betty Yeap Patrick Leongsla01adabijohn ooihanita Karyn ChinAzul Sidek AdnanbillfadzillailatulMPHwong_cm Liew Chee KonTAN CHENG TECKJohn OoiTAN GTsuhailaLiew Azila Masrisharon_theresa LOO MING NYUK Suresh KumarBSN MERCHANT BANKBSN MERCHANT BANK BHD.Zurin Azraii Abdul Rahmanismail johari othman#ARAB-MALAYSIAN MERCHANT BANK BERHADNOOR Rosida OthmanmalarCAREN KAN FOONG HEH Emilia TeeTee Yoke HoongMCDYKSIEW naidawatiMARHANIsalmi norsalizahpmbbPERDANA MERCHANT BANKERS BHDPERDANA MERCHANT BANKER BHD Sandra GiamPerdana Merchant Bankers Berhadperdana merchant bankers bhdZanariahmaziahresearch hock soonamelia tan yoke moiRachel Tham Lai Fangallister smitheffaCharlesIM Ainun Ayub BANGI HEIGHTUNITED MALAYAN LAND BHDUNITED MALAYAN LANDUML BHDrozainizamryzaidi rahim saadArshad Azizi Bin Kamaruddin Moorthi NavamanihelpdeskMIMB siti_hidriahponniah siti zalehaHONG WAI CHOONGHONG WCAziz Bin MohamadNor Khizam Sajari @ Sulaiman Goh Leng LengCTOOIKHIZAMFakhrul Adabi Bin Nawi BDO BindermYsTiCal dRaGoNHamidi Maihadzni Chin Wong WINDOWS 95 rosinawatirazak_m hayata azian shamshidarRPD R&P Officer Joyce LeeR&P06R&P7 Kamal FitritraineeR&P23R&P1r&p15YongMAHR&P07library Commsdepthishamaishah Shuit ChengNoor Iskandar Hashim bin Noor wan jasminCSC SDN. BHD.rosnah thanabalanMohantcr&p12ZAKIAHMUZAMMIRrosnani Lim Eng KooiDaniel Gligorovlau_flGigi Franciscomohd aliPeter RAJENDRANconsolethila reeza bustami lew tuck waiMastura Ayu Abdul SamadMastura noorhayaty MR WON KUAN SA71400382 ALBERT_LIMdahliaMASITAHPJB Pacific Securities S/BMagrettaLeong Pook WeimdfairuzZULKIPLIMicroSoft Windows Janice RamsayTechnical Department ITHSBKhalil Dean Mohd DaudSiti RoszainieMicrosoft Office 1997halizahSanjeev SivalingamzulkifliArniza Cheryl LeeDMP MARKETING CONSULTANCY S/Bamran David TanTan Jee Boon - MSDjbtanWong Kok Leong Omar Merican Fanny WanHKMA020fungLeeGovernment Property AgencyHKMA991IFNifnCity University of Hong KongA509 Miranda Yip Miranda Lai Leland SunA79 JAStracke3Virginia Mei Yin Lee\COMMA42Jeff STATION 4 FAI & MANRTtctwongKL CHANefkclim Compaq's Userhong kong monetary authoritySIU YUNG CHAN KAIVera Jenny Lakin q { V`]gy ##9$C$%%&&''166666666666666666666 !!a "%FHK  mor24888888888888Pgh2$P;ϔ78-h2$͙\ {J*l2$Kam{lj|. o$2$,\T*⇡71x s2$l] g$ڄMg w2$9TߓRׄ2$9ZIJJsA 2${DTfL: ړ2$~-z? 2$RBK b<98m5 2$EI]X/@ g(    N  3 R N  3 - N  3   N  3 1 Z ] s *]A ??2Z ^ s *^A ??'Z _ s *_A ??*Z ` s *`A ??Z a s *aA ??$Z b s *bA  ??Z c s *cA  ??"Z d s *dA  ?? Z e s *eA  ?? Z f s *fA  ?? #Z g s *gA ?? B S  ? n p x 7$&1]$ t^p$ t_1$ t`$,ta$M t5 p#Utb$ tc ${ t/$ tdz$ te$ tfY$ tn$ tg$ t$tL _979108416 _979109100 _981206923 _981363495 _981561130 _981793588 _981891644 _979108414 _979109102 _981206924 _981363496 _981561132 _981793478 _981891645 _979108412 _979109103 _981206926 _981363497 _981561134 _981793590 _981891647 _979108410 _979109104 _981206927 _981363498 _981561136 _981793591 _981891648 _979108408 _979109105 _981206928 _981363500 _981561137 _981793592 _981794338 _981891638 _979108407 _979109107 _981206929 _981363501 _981561139 _981793593 _981891649 _979108405 _979109108 _981206931 _981363502 _981561140 _981793595 _981891651 _979108403 _979109109 _981206932 _981363503 _981561141 _981793596 _981891652 _979108401 _979109110 _981206933 _981363504 _981561142 _981793597 _981891653 _979108399 _979109116 _981206941 _981363515 _981561145 _981793602 _979108396 _979109117 _981206921 _981363516 _981561146 _981793603-------.......{.{.{.{.{.{.{........?/?/?/?/?/?/?/?////////0000000f0f0f0f0f0f0f00000000+1+1+1+1+1+11111111@@@@@@@@@ @ @ @ @ @@@@@@@@@@@@@@@@@@@ @!@"@#@$@%@&@'@(@)@*@+@,@-@.@/@0@1@2@3@4@5@6@7@8@9@:@;@<@=@>@?@@@A@B@C@D@E@F@G@H@I@J@K@-------.......{.{.{.{.{.{.{........?/?/?/?/?/?/?/?////////0000000f0f0f0f0f0f0f00000000+1+1+1+1+1+11111111OQ) + 9))))19))))1Hong Kong Monetary Authority*C:\LAWRENCE\Tess\CBC report\cbcmarch99.docHong Kong Monetary Authority*C:\LAWRENCE\Tess\CBC report\cbcmarch99.docHong Kong Monetary Authority*C:\LAWRENCE\Tess\CBC report\cbcmarch99.docHong Kong Monetary Authority*C:\LAWRENCE\Tess\CBC report\cbcmarch99.docHong Kong Monetary Authority*C:\LAWRENCE\Tess\CBC report\cbcmarch99.docHong Kong Monetary Authority*C:\LAWRENCE\Tess\CBC report\cbcmarch99.docHKMA8C:\PERSONAL\ARTHUR\EFAC\CucyBoard\minutes\5Mar99-Anx.docHKMAC:\RC\Temp\990322e.docHKMAC:\RC\Temp\990322e.docHKMAC:\RC\Temp\990322ea1.doc( %g50:1*SQnk0."hh.`o(.0o(.h.nk%g5(1*S@  8)9)))))))111@@A@@ @@@0k@@vZ@@@[@A@[@@@[@@.k@@0k@GTimes New Roman5Symbol3& Arial1e0}fԚ/5 0}fԚWCenturyTimes New Roman"AhƳ3&93&93&!Hr0d)'Report on the Currency Board OperationsHong Kong Monetary AuthorityHKMA BSh cLkd01/99 i BSh c Lkd% pts3}f??ed1D(%Cdd*u??+wGqBSh8 wc BShj cVTimesNewRmn ŪBuo8 Lkd3**BSh cVTimesNewRmn ŪBuoWLkd46BSh] ,R5bjbjyy9)] )+ + ....5558<5,h5t.*pth(Z/d4SUUUUUU$y.y#++Z6l###:+ .ZS..++++S##rT..SZ5,Bt.5"E      !"#$%&'()*+,-/f87Root Entry(RBK b<98m5 o< F62tBthData g(  ?N  \UWordDocumentR N ;. ObjectPool 3 >`2t݂2t 3 PRINT79$ObjInfo:LinkInfo<1Table6F3392      !"#$%&'()*+,-./0145K789:;<=>?@ABCDEFGHI}LMRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~  !"#$%&'()*+,-./013[56789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZd4]^_`abce{i|klmnopqrstuvwxyz~epoHong Kong Monetary AuthorityOpeong Normal.dotoHKMAl.d4MAMicrosoft Word 8.0A@G@VPAt@p2t@VPAt!՜.+,D՜.+,p, hp  Hong Kong Monetary AuthoritynH) (Report on the Currency Board Operations Title 6> _PID_GUIDAN{B5CFDB05-95D0-11D2-BD3B-0020AFEA84D0}  FMicrosoft Word MSWordDocWord.Document.89qF!chart 1!Fzjczjcc1HKMAOA_RESEARCH.\ECO_STAT\CB\MP_STAT\EFAC_SUB.XLSchart 1Oh+'0 ,8 T ` l x(Report on the Currency Board OperationsDesmond Chan/n?e^ Fanny WONG Desmond Chan Dan FisherOffice of the PresidentmpfPreferred CustomerBarbara DickensPatricia M. MatchettgroosAngela BabbingtonLea Boag Peroni LeungkennyKWOK's Raymond TamhkmaFinance Branch patrick lauFSBGovernment Printing DepartmentGOVERNMENT PRINTING DEPARTMENTpescodMrs Philomena Leung Barbara SiuTrade and Industry BranchgkwanMWONGbchingacheungEducation and Manpower Branch Edward Yaurchan B DIVISIONcliflorence Liza Shum Arnold M JB DIV2rrrrrrrrrrrrrrrIVISIONVISION Branchhan CE BRANCHranchand Industry BranchBRANCH dustry Branchward Yau Winnie Yeung Bassanio SoPMSO(S)REBECCA HY WONGRaymond & Ingrid FANAnita LI Rowse, M J TEMBTAM HT Gloria WongHero catherine lawLCHANstaT1Education DepartmentTIMr LeeVESEDLIBRARY SECTIONedK C4[}<f#o,?CDI, EDEDUCATION DEPARTMENTInformation Systems DivisionTeacher CentreCase Management DivisionDept Admin UnitOfficial Receiver's OfficeHong Kong Government 1 David Lau Wendy CheungC3t rrrrrrrrrr?y['?`[[T?{57E ??PKRKRK?Z"K?K K C Kwonge I%I%I%I%I% wilson ChiuHong Kong Monetary AuthorityPricewaterhouseCoopersC&LPeter LiPeeFZteFZ_eFZaeFZgeFZceFZheFZi Loh UantchernUserSUPER COMPUTERXXe!BHKCSSGlenn ShimamotoECONOMIC SERVICES BRANCH Bank of International Settlement Cedric WongRMMS MONITA MAChiu Yuk Fan Carman Chua Hoi WaiLand Fund Office,BILLY S.Y. LAI, HKSAR GOVERNMENT LAND FUND Land Fund OfficeBILLY S.Y. LAIPC-91-17 underhillPC-91-05Group Treasury Stephen SmithAsia Regional OfficeSELECT AGREEMENT Greg du BernLowellMitAccents Ronnie FungSystemSWIRE TRAVEL LTD.SYSTEM Rebecca Kwok+SmartDesk Personal Business Center by AegisMicrosoft Office 4.3:\FAX2.DOCMicrosoft Office 4.3 A:\FAX3.DOCMicrosoft Offic4.3 A:\FAX3.DOCMicrosoft Office 4.3 A:\FAX3.DOCMicroft Office 4.3 A:\FAX3.DOCMicrosoft Office 4.3 A:\FAX3.DOCMicrosoft Office 4.3 A:\FAX3.DOCMicrosoft Office 4.A:\FAX3.DOCMicrosoft Office 4.3 A:\FAX3.DOC@Epson LQ-1170 ESC/P Veronica Lai Robert YihSWIRE TRAVEL LTD Michael LauTrade Department Linda WongUSER KWOK Wai-chiu"Bank for International SettlementsBWkl Derek Cheung Judy TongcbmecllLI QINPaul Moser-BoehmJLAUtestKKlK"K|sanis Mr K C Kwong Stephen SelbykwongBWongGIS Bernard LongGenericCHEUNG, Evita Y Fmytang Stella Fung HO, Susie S ykchoi anita lau LegCo Usermlai Ting, Jessieochanmli YEN, CeciliaSupervisor of EU angela luke yammarchEconomic Services BranchC GODWINwcheung Ophelia Tsang Kitty YauSARA LAU Alfred SHUMKC KWONGSPOMary Kanm stoneRikkieIris LawPOKOCpangCatherine ChanCentral Policy UnitniljsunGUEST Heidi LeungChungglassDonald YK TsangCheung Shuk Ting, Wendy ESMOND LEELegal DepartmentRaymond & Ingrid FAN WV9 v+30 V9 F9 V0 F 0 V0 ~VRPj:jWa00 F@u_nz '0:B]MAYwinnie Legal DeptPortiaJOHNjennyKSSOleung FUNG Stellagracejenny1psamConstitutional Affairs Branch Cynthia LOKcmleung Chief Secretary's Private OfficeDTSANGASIUxxxmaryha Subrina ChowffffMay LoltaiH Y AUHome Affairs Branch MACH NO.15420 david yipJudiciary AdministratorMISS REBECCA CHANRegistrar, Supreme CourtSEO(3)WebbCLARA WUsylau rhodapkngtp41 Karen ChankhoPYLEUNGHO, Angelina Y C GORE,Amy L H Charmaine John ChanIIPHealth & Welfare BranchTRADEITBBJob Matching CentrePaul YUEN Bing FanbsoIP Microsoft thomas kuuniversity grants committee marcus tsui Compaq UsereoisDEPARTMENT OF HEALTHrubyHousing Authority AST-H1042abc co.Administration DivisionHONG KONG HOUSING AUTHORITYsherwinachoijwilson\cooksond.m.todd Anthony LEEV T CwongVTCBS CHOIAS(A)Pool ApoolcaLabour DepartmentPCO Raymond CHAN Raymond HO Typing Pool A Joyce Cheang Mr Bell KwokjwilsonCYChungTrevorCC YuenRMU A K DEEPROSE IS DivisionInformation Systems Section GOVERNMENTLawrence Leungemb Miranda YeapMr Simon Hing Yin Tsanggibson chan howardLauRYAUfinance branchtw Annette LAMWorks Branch, G.S.yuen]F Tony Cheng Yuen, C HCari WuRaymond P.H. CHANSM(D)N1fsdfsdf john Wong y m cheungChristopher LeungITSDLRD2 HQEducation & Manpower Branchwin`FOSMUNDAWONGChan Yum-min Jamesleung Sui PingArthur F.H. LEUNGMiss Christine TangPerry SOsbMiss Konnie Kongckwok au, tony ckH K Governmentabc Loretta YANCheuk Chun-yin Alan K M ChuSam LauEva YamGOVERNMENT SECRK "Z"K\e Chris HuimsmliaastaffECOPEA1Digitekecocr4ECOKEA1ecocr2ecocr3ECOPEA2ecopew1Economics Departmentecocr6ecocr1ecocr5Catherine Leong Yoke KimCatherine LeonghasnidaSCpritha Attila EmamShanti GeoffreyCFLOKEcfleongrazakvnFrederick KhorwahidShanti GJoan ShunmugamSC-Loan Unit for evaluationrskcheahsherryelinAzizul Azmi Adnan Elaine TanNoraidaHarlynasurayaSecurities Commission Malaysia Robin Leejoanhasndia Nik ruslinkhairilshida AMINULLAHarinaKhairil Anuar AbdullahWAHID ALI KASSIM ALISHANTIGCherylNafizah KHAIRILNIZAMharlinabaiSecurities Commissionh FAD'L MOHAMEDI.T. Services Dept syed sofiranjitzakiahfarizaWong Tat ChuenMBfKAAArina; Miss ChakMicrosoft OfficeKen Yap Yap Jin Yi Jason LimBAK Time Systems Integrators Sdn BhdWAHIDmaznahKhairilerefauziummi T. C. Wong Jaslyn OngBHLB PACIFIC TRUST MGMT BERHADazmanSecurities CommisionAinshantig geoffreylornakidindfasdJN MaknoormiA Razak AhmadSECURITIES COMMISSION Tan Jee Boonanimtkchanzaher Tony BidgoodvaluationOCSHERM WAI LING(C:\MSOFFICE\WINWORD\ACTIVITY\ACT3008.DOCSHERM WAI LING(C:\MSOFFICE\WINWORD\ACTIVITY\ACT3008OCSHERM WAI LING(C:\MSOFFICE\WINWORD\ACTIVITY\ACT3008.DOCSHERM WAI LING(C:\MSOICE\WINWORD\ACTIVITY\ACT0609.DOCSHERM WAI LING(C:\MSOFFICE\WINWORD\ACTIVI\ACT0609.DOCSHERM WAI LING(C:\MSOFFICE\WINWORD\ACTIVITY\ACT0609.DOCSHERM WAI LING(C:\MSOFFIWong Foong YeeSFC USERcychinFarizaFairuz Helmi Abdul MalekabcvkiranNG(C:\MSOFFICE\WINWORD\ACTIVITY\ACT3008.DOCSHERM WAI LING(C:\MSOFFICE\WINWORD\ FILESAVEAS Rubi-Ain DahlanuklwongmSchool of ManagementchoeMr Tat Chuen WONGhtsetShaiful Bahari Mahpar May Yin LamnOCSHERM WAI LING(C:\MSOFFICE\WINWORD\ACTIVITY\ACT3008.DOCSHERM WAI LING(C:\MSOFFICE\WINWORD\ACTIVITY\ACT3008kMOHAMAD AKBARYshahrinASTROIWK Shaikh HarunRohani Hassan MohamedWong Chung ThengharunPatricia D McQueen Azenan AzalanRobert Lescano Zevy Yanovich Lynn WangenJamesv-LoriM basheer ahamdshanthi KandiahRLR tuckkeongProcterchak Nafizah OmarCOMISSO DE VAL. MOBILIRIOSANDREARogerio B MartinsCVMcvmSC-Loan Unit for evaluation PC SUPPORT Wayne Upton Greg SportonSECTRITIES COMMISSION Alina TongAuthorised User Tan Jed Boon NazaluddinrlynaicmC@/C:C:C:C:C:C;CFJCFJCFJCFJCFJCFJCFJCFJCFCFCFCFCFCFCFC& C&dCFbCFbC& JC& JC& JCFCF RrCla Attila Emamngshida*herryelin!Noraida M%ia(sndia Geoffrey;3>inffrey;E Robin Lee+CCCCCCC x;8 AMINULLAH)n Unit for evaluation5 Azizul Azmi Adnan3)#n Maley47 anti Geoffrey:a;;5Bt for evaluation5,IVITY\ACT3008 DCSHERM WAI LING(C:\MSOFFICE\WINWORD\ACTIVITY\ACT3008.DOCSHERM WAI G(C:\MSOCCE\WINWORD\ACTIVITY\ACT0609.DOCSHERM WAI LING(C:\MSOFFICE\WINWORD\IVINACT0609.DOCSHERM WAI LING(C:\MSOFFICE\WINWORD\ACTIVITY\ACT0609.DOCSHERM WAI G(C:\MSOFFIWong Foong Yeeylheryl Wong Foong Yeryl! Foong Yee Yee) ul Malek6User7/chong(C:\MSOFFICE\WINWORD\TEMPLATE\INVCOM4.DOCc AutoOpenMacroF%123OLSMACROCRIPTP LaserJet 4Si/4SiMX PS a?R Custom page 14SiMX PSDIN `G  )C[CfCCCCCCLCC8CMC@CCC9CCCDCCCNCCCTCCEC3C(CWCCF#ñWo rick Khor Shanti G Elaine TaShanti Geoffraya&Securities Commission Malaysia'4@offrey4C ik ruslin Lee+ee 'SECURITIES COMMISSIONHID ALI KASSIM ALIk Wong Foong Yee ne Upton&Securities Commission tila EmamRobin LeeCTRITIES COMMISSIONRobin LeeamRobin Lee ttila EmamRobin LeeRobin LeeRobin LeeRobin Lee Macintosh (*.mcw)0SecuRities CommissionCŸCnC&|6C&|:C&|C&|Wong  Harun!#Wong Chung Theng aikh Harun;#Wong Chung Thengeng hung ThengSecuritieR CommissionRCSecurities CommiRsionCf˻Cf1C&'C&*Cf)CfMCf(Pritha R LucasSivalingam NavaratnamC&#s$as NHk ruslinMRS.TANGsharizansc userAlina To Arulnathaniruz Helmi Abdul Malek#9 bdul Malek#Rina Tong# a luddin$zX$lPRoBert LescanoRobdrt LescanoC&$AzharShanti Isabelle GeoffreyRameshShanthi KandiahR. Dwight Hill, JrKamarudin Hashim Saifuddin Lim Yam Poh Syed IbrahimU.S. Ren Wisch greg tanzerMohd Radzi MohamadNadziAfizah Mohd SallehZaharah Zulkiflyzaharah zulkiflyFadhlyECOKEP3 BHG EkonomiPEK1 Bruce RayfuseISABELLE WEBERPALSecopep3Jabatan Perkhidmatan MaklumatMARGARET KEMBLETRADE DEPARTMENTetedhuangps/as Percy P S HoTrade Department [A(CR) Branch]TIBBranch Management Unittp51arpsarPTE2psaestanalyjowan Word 95 Dev|wpsdtuBrian Lo&dgffddtcMargaret CHEUNG Arthur Char Gordon LeungXXXXX Kenneth Chan V S H TANGRard Yauhum Industry Branch ANCE BRANCH NCE BRANCH:*Trade and Industry Branch,d Industry Branchchan  ` a& and Industry Branch dward YauIBTIBrd Yau : =TIBcetPTU2%pdiPre-installed User TradelinkAndrewnmmmalaing!Rosset, NadegePTM3HP Telly LeefbTsunehiro OgawaRosalind K. ColemanEVELYN MANALOTO DTI - APECD. T. I.DTIAsec. Edsel T. CustodioShaikh Fadilah Ahmaduser7..user6EFS????????????????????RT300RT310DBEdbe?????????????????????MT001defmiti5!  `y['`  & [[ `w??P??r??I??Trade a. christinetchoksiuSUNG, Christine SN andrew chanahorFinance Bureau!APEC 1998 Trade Ministers Meeting( as at 22 June 1998 )'Program for Hong Kong, China DelegationTimeEvent Participants23 June 1998 (Tuesday)0850"Depart for Trade Ministers MeetingSTI 0900-1230&Trade Ministers Meeting [Minister + 5]4(Sarawak Chamber, 3/F, Crowne Plaza Riverside Hotel)SSTI + DGT + DTM + DTM(des) + AR + PAS(TI)R [PTR1* in viewing room]1230)Lunch for Trade Ministers [Minister only]B(Sri Sarawak Malay Restaurant, 18/F, Crowne Plaza Riverside Hotel)STI &Lunch for Senior Officials [SO only] <(River Palace Restaurant, 3/F, Crowne Plaza Riverside Hotel)DGT 1430-1700aSTI + DGT + DTM + DTM(des) + AR + PAS(TI)R [PTR2* in viewing room]1700"Joint Ministerial Media Conference1900*Depart for Dinner (Please gather at lobby)#DGT + DTM + DTM(des) + PTR1 + TOR41915Depart for DinnerSTI + Mrs. Ada CHAU 2000KDinner hosted by the Hon. Chief Minister of Sarawak [Minister + Spouse + 5]!(State Legislative Assembly Hall)[Dress Code: Lounge Suit]:STI + Mrs. Ada CHAU + DGT + DTM + DTM(des) + PTR1 + TOR4XViewing room for Trade Ministers Meeting : Lady Suite, 3/F, Crowne Plaza Riverside Hotel* denotes note-taker.[ Mignon Chan???????????????????????????????0 |?xw :*Trade and Industry Branch,??????????????????????????????????????????& : ? =TIB  K! K!  lK0 "K0  | ! 0 WVv+3VFVFS Vx~"!VRPj:jW???0F?@u? x??????????????????????: ?y: [' : ?: : [ : [ : ? ? ?"Z0 ?"K?RRK! *APEC 1998 TMM, SOM II and Related Meetings( as at 13 June 1998 )11 June, Thursday0900#Sub-Committee on Customs Procedures4(Hilton Ballroom, G/F, Kuching Hilton International)C&E Dept140012 June, FridayElectronic Commerce RoundtableA(Sarawak Chamber I & II, 3rd Floor, Crowne Plaza Riverside Hotel)ITBB + AS(TI)R :(Hilton Ballroom, G/F, Kuching Hilton International Hotel)143013 June, Saturday!ITBB + AS(TI)R + Consumer Council<Experts Group for MRA on Electrical and Electronic Equipment8(Sarawak Chamber III, 3/F, Crowne Plaza Riverside Hotel) AD(Q) + PPSInvestment Expert Group((Pelagus,3rd Floor, Holiday Inn Kuching)AD(P)"Task Force on Electronic Commerce 1930EVSL Buick Group Dinner Meeting(Crowne Plaza Riverside Hotel)ATR114 June, Sunday"Seminar on WTO Integrated DatabaseB (Sarawak Chamber I & II, 3rd Floor, Crowne Plaza Riverside Hotel)+Sub-Committee on Standards and Conformance AD(Q) + PPS + Dr. John LO:Informal Experts Group on the Mobility for Business People<(Clearwater Suite, 18th Floor, Crowne Plaza Riverside Hotel)Immigration Dept AD(P) + AHS AD(Q) + PPS +1500Business Travel Card 1800 - 20008Steering Group Meeting on Impact of Trade Liberalisation(Venue: t.b.c.)AR2215Small Group Meeting on Services (CAP of GOS)(HKC Delegation Office) DTM + PTM115 June, Monday08001SOM Chair / CTI Chair / EVSL Coordinators Meeting"(Crested Jay, Holiday Inn Kuching)DTM + AR + PTR1Market Access Group(@Sarawak Chamber I & II, 3rd Floor, Crowne Plaza Riverside Hotel) AR + AS(TI)RCInformal Meeting of Uruguay Round Implementation / Rules of Origin TOR4Groups on ServicesPTM1SOM Sub-Committee on ECOTECH PTR2 + TOR2DTM$s Lunch Meeting with Jaya (Malaysia)EVSL Buick Group MeetingG(Australian Delegation Office, Room 510,, Crowne Plaza Riverside Hotel)0EVSL Environmental Sectoral Expert Group Meeting TOR1 + ATR1(Programs for Hong Kong, China Delegation(as at 16 June 1998)16 June, Tuesday!Committee on Trade and Investment:(Sarawak Chamber, 3rd Floor, Crowne Plaza Riverside Hotel)All (  DGT) 1230 - 1430Delegation Meeting (Lunch)B(River Palace Restaurant, 3rd Floor, Crowne Plaza Riverside Hotel)All 1500-1530Meeting with SOM Chair(Wind Suite I, 3rd Floor,Crowne Plaza Riverside Hotel) DGT + DTM + AR + PAS(TI)R + PTR1 1600-1630Bilateral with Indonesia SO(Indonesia SO Suite,Rm 510, Holiday Inn) DGT + DTM + AR + PAS(TI)R + PTR2EVSL Energy Sector Expert Group 1900 - 2100Dinner with China#DGT + DTM + AR + PAS(TI)R + AS(TI)R17 June, Wednesday 0730 - 0900"EVSL Buick Group Breakfast Meeting(Riverview Lounge, 18/F, CPR)DGT + DTM + AR 0900 - 1230All( Task Force on FoodTOR2 0930 - 1000Bilateral with US (US SO Suite, Rm 1519, DGT + ? 1015 - 1045Bilateral with Australia SODGT + 3 1145 - 1215Bilateral with Brunei SO DGT + 3/4 1400 - 1430Bilateral with Korea SO.(Korea Delegation Office, Rm 151, Holiday Inn)DGT + 2 1430 - 1700 1530 - 1600Bilateral with Chile SO.(Chile Delegation Office, Rm 153, Holiday Inn) 1600 - 1800Peer Review MeetingDGT + AR + PAS(TI)R + AS(TI)R(as at 17 June 1998)18 June, Thursday0900  1230(be seated by 0850) Senior Officials Meeting (Note taker: PTR1)1430  170019 June, Friday(Note taker: AS(TI)R)1000Liaison Officer Meeting(Clearwater Suite, 18/F,TOR2 + ATR1 + ACS41845  1915Bilateral with New Zealand SO(New Zealand Delegation Office, Rm 314, Hilton)SO + 320 June, Saturday(Note taker: PTR2)(t.b.c.)Drinks with China(Venue t.b.c.)t.b.c.+ APEC 1998 TMM, SOM II and Related MeetingsvioletFOCI12FINANCIAL SERICES BRANCH Josefina ShenPC1880McK- Hong KongPC2009Albert K C Lam Laurence YipVbspuPTR2 Julina CHAN cathy wong Lorna Leung ting yip ynj Bonnie KC Aupeggy kevin yeungTRANSPORT BRANCHtbuserSOTransport Departmentsep2 K. H. Taocsep1SE/Headquarters AnthonyLooTEKPSCEERPmleeAugustine K Lee transportalschengA. Lam Ivan K B LeeTechnical Secretariatryoung Doris Liu Anita Mak21496WSD LAU MEI YEEKW CHANDA_TYPOL Edmond Lamdng cho carlyEmma Lau Wilfred WUcngai Betty Neohqqq stella fungichengrita Pamela Lamchristine tangChan Chung ChingPhilSusannaPLDORTAcssortaPLANNINGplanning PLANNING DEPT leung yin wah ACER-A428`{P-Pbpw%Ěw%Ďw%Đw%ćw%Čw%ċw%Ēw%ĕw%ďw%ēw%Ėw%ėw%ęr%rf"r:rNrPr\rarbrDrkrqrxrNrOrQrPrsrXrYTrade and Industry Branch0F( LMesdaqITSiti Loreley BakriShareen SharizaAggie Chew - Listing aggie chewShaharin Hashim - Listing MOHD FARIZ Edward Lee Ung Su LingUng Su Ling - LegalLim Shiew YuinJAMALUDDIN-SUHAIREENSystem AdministratorPhileoAllied BerhadTehDixon Wong Pek Seng PhileoAlliedWongAlliedBank (Malaysia) BhdPhileo Allied Berhad TH Teh, PABJT Ong Michael TingMs. Tan.The Quick Brown FoxSegari Energy VenturesSEGARI ENERGY VENTURES S/BShaharizan bin SallehMRCBSegari Energy Ventures Sdn BhdMALAKOFF BERHADzfy Philip Koh Raphal JosseCREDIT LYONNAIS RITHAUDDEENMDCHCheang & Ariff ZAIN & CO elizabeth User Name Trade Finance Ung Su Ling Teh Soo HooiCF?C??Fathi R.A. FauziFATHILAH ISHAKAmran Abdul Latip - IT maria rajIntel Pentium MMX P-166Mhzainul ainulashikinCAF INTERNATIONAL Encik Azizi HASAN IDRISShamsul Kamal bin Hussein KamalDavid Tan Jee BoonLim Siew Siew - IT Lim Siew SiewVasantha Jeyaseelan Axis systemsCSAPALLIEgohck Cheong Luping James WeeArneza Bt Mohd - ITnazimBarrettJanus Technologies, Inc. Chris BarrettaziziEstherSak Moi Yong - IntermediarySakMY UnregisteredcsaArnezaMPWMister XShaharin Norliah DaudHoung Yeu Huat - CSA/CSLNikihsalunia NomsajAinulashikin JasmonN ChandrasekaranSazaluddin Mansor - TrainingNorlieNORLIAPrice WaterhouseManagement Consultingbyng&Chandrasekaran a/l R Narayanasamy - ITpallieShaharin Hashimstand Ng Meng Wah samsuddinChong Lee Yeng Jerry Chin SazaluddinarulKLSEklse Li Lee OngNOORLIN bonnie choyhaslina aidura haronscanszuraiha zulkiflisla02aishah aZulkarnain Mohd Ghazali tan lee mingMukhriz Mudaris Mahmud norhayati KLSEmd9967 vigneswariCik Siti Guri DhillonSCANS JOHN & JUDY Betty Yeap Patrick Leongsla01adabijohn ooihanita Karyn ChinAzul Sidek AdnanbillfadzillailatulMPHwong_cm Liew Chee KonTAN CHENG TECKJohn OoiTAN GTsuhailaLiew Azila Masrisharon_theresa LOO MING NYUK Suresh KumarBSN MERCHANT BANKBSN MERCHANT BANK BHD.Zurin Azraii Abdul Rahmanismail johari othman#ARAB-MALAYSIAN MERCHANT BANK BERHADNOOR Rosida OthmanmalarCAREN KAN FOONG HEH Emilia TeeTee Yoke HoongMCDYKSIEW naidawatiMARHANIsalmi norsalizahpmbbPERDANA MERCHANT BANKERS BHDPERDANA MERCHANT BANKER BHD Sandra GiamPerdana Merchant Bankers Berhadperdana merchant bankers bhdZanariahmaziahresearch hock soonamelia tan yoke moiRachel Tham Lai Fangallister smitheffaCharlesIM Ainun Ayub BANGI HEIGHTUNITED MALAYAN LAND BHDUNITED MALAYAN LANDUML BHDrozainizamryzaidi rahim saadArshad Azizi Bin Kamaruddin Moorthi NavamanihelpdeskMIMB siti_hidriahponniah siti zalehaHONG WAI CHOONGHONG WCAziz Bin MohamadNor Khizam Sajari @ Sulaiman Goh Leng LengCTOOIKHIZAMFakhrul Adabi Bin Nawi BDO BindermYsTiCal dRaGoNHamidi Maihadzni Chin Wong WINDOWS 95 rosinawatirazak_m hayata azian shamshidarRPD R&P Officer Joyce LeeR&P06R&P7 Kamal FitritraineeR&P23R&P1r&p15YongMAHR&P07library Commsdepthishamaishah Shuit ChengNoor Iskandar Hashim bin Noor wan jasminCSC SDN. BHD.rosnah thanabalanMohantcr&p12ZAKIAHMUZAMMIRrosnani Lim Eng KooiDaniel Gligorovlau_flGigi Franciscomohd aliPeter RAJENDRANconsolethila reeza bustami lew tuck waiMastura Ayu Abdul SamadMastura noorhayaty MR WON KUAN SA71400382 ALBERT_LIMdahliaMASITAHPJB Pacific Securities S/BMagrettaLeong Pook WeimdfairuzZULKIPLIMicroSoft Windows Janice RamsayTechnical Department ITHSBKhalil Dean Mohd DaudSiti RoszainieMicrosoft Office 1997halizahSanjeev SivalingamzulkifliArniza Cheryl LeeDMP MARKETING CONSULTANCY S/Bamran David TanTan Jee Boon - MSDjbtanWong Kok Leong Omar Merican Fanny WanHKMA020fungLeeGovernment Property AgencyHKMA991IFNifnCity University of Hong KongA509 Miranda Yip Miranda Lai Leland SunA79 JAStracke3Virginia Mei Yin Lee\COMMA42Jeff STATION 4 FAI & MANRTtctwongKL CHANefkclim Compaq's Userhong kong monetary authoritySIU YUNG CHAN KAIVera Jenny Lakin r | Wa^hz ##:$D$%%&&'(166666666666666666666 !!a "%FHK  mor24888888888888Pgh2$P;ϔ78-h2$͙\ {J*l2$Kam{lj|. o$2$,\T*⇡71x s2$l] g$ڄMg w2$9TߓRׄ2$9ZIJJsA 2${DTfL: ړ2$~-z? 2$RBK b<98m5 2$EI]X/@ g(    N  3 R N  3 - N  3   N  3 1 Z ] s *]A ??2Z ^ s *^A ??'Z _ s *_A ??*Z ` s *`A ??Z a s *aA ??$Z b s *bA  ??Z c s *cA  ??"Z d s *dA  ?? Z e s *eA  ?? Z f s *fA  ?? #Z g s *gA ?? B S  ? o q y 8$&1]$ t^p$ t_1$ t`$,ta$M t5 p#Utb$ tc ${ t/$ tdz$ te$ tfY$ tn$ tg$ t$tL _979108416 _979109100 _981206923 _981363495 _981561130 _981793588 _981891644 _979108414 _979109102 _981206924 _981363496 _981561132 _981793478 _981891645 _979108412 _979109103 _981206926 _981363497 _981561134 _981793590 _981891647 _979108410 _979109104 _981206927 _981363498 _981561136 _981793591 _981891648 _979108408 _979109105 _981206928 _981363500 _981561137 _981793592 _981794338 _981891638 _979108407 _979109107 _981206929 _981363501 _981561139 _981793593 _981891649 _979108405 _979109108 _981206931 _981363502 _981561140 _981793595 _981891651 _979108403 _979109109 _981206932 _981363503 _981561141 _981793596 _981891652 _979108401 _979109110 _981206933 _981363504 _981561142 _981793597 _981891653 _979108399 _979109116 _981206941 _981363515 _981561145 _981793602 _979108396 _979109117 _981206921 _981363516 _981561146 _981793603-------.......|.|.|.|.|.|.|........@/@/@/@/@/@/@/@////////0000000g0g0g0g0g0g0g00000000,1,1,1,1,1,11111111@@@@@@@@@ @ @ @ @ @@@@@@@@@@@@@@@@@@@ @!@"@#@$@%@&@'@(@)@*@+@,@-@.@/@0@1@2@3@4@5@6@7@8@9@:@;@<@=@>@?@@@A@B@C@D@E@F@G@H@I@J@K@-------.......|.|.|.|.|.|.|........@/@/@/@/@/@/@/@////////0000000g0g0g0g0g0g0g00000000,1,1,1,1,1,11111111OQ* , :))))1:))))1Hong Kong Monetary Authority*C:\LAWRENCE\Tess\CBC report\cbcmarch99.docHong Kong Monetary Authority*C:\LAWRENCE\Tess\CBC report\cbcmarch99.docHong Kong Monetary Authority*C:\LAWRENCE\Tess\CBC report\cbcmarch99.docHong Kong Monetary Authority*C:\LAWRENCE\Tess\CBC report\cbcmarch99.docHong Kong Monetary Authority*C:\LAWRENCE\Tess\CBC report\cbcmarch99.docHKMA8C:\PERSONAL\ARTHUR\EFAC\CucyBoard\minutes\5Mar99-Anx.docHKMAC:\RC\Temp\990322e.docHKMAC:\RC\Temp\990322e.docHKMAC:\RC\Temp\990322ea1.docHKMAC:\RC\Temp\990322ea1.doc( %g50:1*SQnk0."hh.`o(.0o(.h.nk%g5(1*S@ 䯍 F0J  ,./ 9):)))))))111QP@ P@Q@PP`@Pb@QP@P0k@PvZ@PP[@QP[@P P[@P.k@P0k@GTimes New Roman5Symbol3& Arial1e0}fԚ/5 0}fԚWCenturyTimes New Roman"AhƳ3&X3&X3&!Hr0d)9)'Report on the Currency Board OperationsHong Kong Monetary AuthorityHKMA444 4 4h4i4j4k4m4n4444444-5.5/5053545555555dfhjl 0JmHCJWCJ jIUj!: PJUVmH j@Uj": PJUVmH j3;Uj#: PJUVmH j6Uj%: PJUVmH jU j22U-Annex A 8 3 ] `2t݂2t 3       !"#$%&'()*+,-;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~SummaryInformation(=DocumentSummaryInformation8CompObj f0TableQJ:      !"#$%&'()*+,-./0145K789:;<=>?@ABCDEFGHI}NLMOPRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~F!chart 1!Fzjczjcc1HKMAOA_RESEARCH.\ECO_STAT\CB\MP_STAT\EFAC_SUB.XLSchart 1Oh+'0 ,8 T ` l x(Report on the Currency Board Operations3342epoHong Kong Monetary AuthorityOpeong Normal.dotoHKMAl.d5MAMicrosoft Word 8.0A@Ik@Et@p2t@Et!՜.+,D՜.+,p, hp  Hong Kong Monetary AuthoritynH) (Report on the Currency Board Operations Title 6> _PID_GUIDAN{B5CFDB05-95D0-11D2-BD3B-0020AFEA84D0}  FMicrosoft Word MSWordDocWord.Document.89q  !"#$%&'()*+,-./0156789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZd]^_`abc{i|klmnopqrstuvwxyz~