Exchange Fund Bills Tender Results

Tender date                 :   23 November 2004

Paper on offer              :   EF Bills

Issue number                :   Q447

Issue date                  :   24 November 2004

Maturity date               :   23 February 2005

Amount applied              :   HK$15,920 MN

Amount allotted             :   HK$2,725 MN

Average yield accepted      :   0.03 PCT

Highest yield accepted      :   0.03 PCT

Pro rata ratio              :   About 65 PCT

Average tender yield        :   0.05 PCT

* * * * * * * * * *

Tender date                 :   23 November 2004

Paper on offer              :   EF Bills

Issue number                :   H478

Issue date                  :   24 November 2004

Maturity date               :   25 May 2005

Amount applied              :   HK$8,640 MN

Amount allotted             :   HK$1,300 MN

Average yield accepted      :   0.32 PCT

Highest yield accepted      :   0.33 PCT

Pro rata ratio              :   About 19 PCT

Average tender yield        :   0.36 PCT

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Hong Kong Monetary Authority
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Tenders to be held in the week beginning - 29 Nov 04 :-

Tender date                 :   30 November 2004

Paper on offer              :   EF Bills

Issue number                :   Q448

Issue date                  :   1 December 2004

Maturity date               :   2 March 2005

Tenor                       :   91 Days

Amount on offer             :   HK$2,783 MN

End/Tuesday, November 23, 2004
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