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Exchange Fund 1999 Results

Exchange Fund 1999 Results. Exchange Fund (Group). End-1999 End-1998 Increase (HK$ bn) (HK$ bn) (%) Assets 1,014.4 921.4 10.1 Liabilities 723.1 679.1 6.5 Accumulated Surplus 291.3 242.3 20.2. Exchange Fund (Group). 1999 1998 Increase (HK$ bn) (HK$ bn) (%) Income 105.1 94.5 11.2

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Exchange Fund 1999 Results

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  1. Exchange Fund 1999 Results

  2. Exchange Fund (Group) End-1999End-1998Increase (HK$ bn) (HK$ bn) (%) Assets 1,014.4 921.4 10.1 Liabilities 723.1679.16.5 Accumulated Surplus 291.3 242.3 20.2

  3. Exchange Fund (Group) 19991998Increase (HK$ bn) (HK$ bn) (%) Income 105.1 94.5 11.2 Expenditure 56.1 42.3 32.6 Surplus 49.0 52.2 (6.2) Accumulated surplus 242.3 190.1 27.5 brought forward at end of previous year Accumulated surplus 291.3 242.3 20.2 carried forward at end of current year

  4. Exchange Fund (Group) Accumulated SurplusIncrease (HK$ bn) (%) 1993 127.6 19.6 1994 128.6 0.8 1995 160.1 24.5 1996 172.9 8.0 1997 190.1 10.0 1998 242.3 27.5 1999 291.3 20.2

  5. Exchange Fund (Group)Asset Mix End-1999End-1998 (HK$ bn) (HK$ bn) Cash and short-term funds 167.1 133.3 Fixed deposits 77.3 52.4 Certificates of deposit 5.0 27.8 Investments 738.4 677.0 Mortgage loans 8.7 11.4 Fixed assets 0.3 0.3 Other assets 17.619.2 Total 1,014.4 921.4

  6. Exchange Fund (Group)Instrument Mix End-1999End-1998 Cash 11.8% 7.1% Bonds 60.0% 68.6% Equities 26.2% 22.0% Others 2.0%2.3% Total 100.0% 100.0% HK$1,014.4 bn HK$921.4 bn

  7. Exchange Fund (Group) Currency Mix End-1999End-1998 US Dollar 59.0% 61.8% HK Dollar 25.2% 23.9% European currencies 11.1% 11.3% Yen 4.3% 2.6% Others 0.4%0.4% Total 100.0% 100.0% HK$1,014.4 bn HK$921.4 bn

  8. Exchange Fund (Group)Liabilities End-1999End-1998 (HK$ bn) (HK$ bn) Certificates of Indebtedness 118.2 86.5 Coins in circulation 5.8 5.8 Balance of the banking system 8.0 2.5 Exchange Fund Bills and Notes 101.8 98.3 Placements by other government funds 392.2 424.6 Placements by other institutions 29.1 21.4 Other liabilities 68.040.0 Total 723.1 679.1

  9. Exchange FundCurrency Board Account 31 Dec 199931 Dec 1998 (HK$ bn)(HK$ bn) MONETARY BASE Certificates of Indebtedness 118.2 86.5 Coins in circulation 5.8 5.8 Balance of the banking system 8.0 2.5 Exchange Fund Bills and Notes issued 101.8 98.3 Interest payable on Exchange Fund Notes 0.6 0.6 Total234.4193.7(a) BACKING ASSETS Investment in designated US dollar assets 255.7 207.4 Interest receivable on investment 1.32.3 Total257.0 209.7 (b) BACKING RATIO [ (b) / (a) ] x 100%109.6% 108.2%

  10. Hong Kong Equities Portfolio HK$ Total outstanding at 31 Dec 99 218.8 bn Long-term Investment Portfolio 50.0 bn Balance in Disposal Program at 31 Dec 99 168.8 bn

  11. Disposal of Hong Kong Equities HK$ Tracker Fund - IPO 33.3 bn - 4Q 1999 Tap 3.3 bn* - 1Q 2000 Tap 12.2 bn* - total disposed48.8 bn Tracker Fund - 2Q 2000 Tap announced 12.0 bn * Total proceeds from the TraHK units sold through the Taps.

  12. Exchange Fund2000 Investment Outlook: Very Difficult • US equities: unprecedented highs • US interest rates: poised to go higher • Currencies: volatile • Market liquidity: reduced from 1999 (particularly in bonds and currencies)

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