Answers to the Summer Quiz 2005

Thirty-nine people took part in the Summer Quiz 2005. We are pleased to announce the three winners as follows.

Jeff Chan
Derek Tsang
Alison Wong

Congratulations to the winners. They will each receive the prize of a copy of Money and Banking: A Historical Timeline.

The answers to the Summer Quiz 2005 are:

1. If we were able to convert all of the Exchange Fund assets (at the end of June 2005) to HK$1 coins, what would the weight be? (Hints: each HK$1 coin weighs 7.1 grams. One metric ton equals 1,000 kg)

a. 7.5 million metric tons

2. If you were able to collect and stack in a single neat pile all of the HK$5 coins in circulation (at the end of 2004), how high would the stack be?

c. 868 kilometres

3. If you were able to collect HK$1, HK$2 and HK$5 coins in circulation at the end of 2004, put them in piles according to denominations and then weigh each pile, which pile of coins would be the heaviest? (Hints: HK$1, $2 and $5 coins weigh 7.1 grams, 8.41 grams and 13.5 grams respectively.)

a. HK$1

4. Backing Ratio is the ratio between the Backing Assets and the Monetary Base under the Currency Board system in Hong Kong. What was the Backing Ratio of the Currency Board Account on 30 June 2005?

b. 110%

5. What was the ratio of customer deposits in all foreign currencies to the official foreign currency reserves assets of Hong Kong at the end of June 2005?

b. 2:1

6. What was the total number of personal Internet banking accounts in Hong Kong at the end of 2004?

b. 2.5 million

7. What was the Hong Kong dollar payment system daily average turnover in 2004?

b. HK$508 billion

8. What was the ratio of the outstanding amount of Exchange Fund Bills and Notes to other Hong Kong dollar debt instruments on 30 June 2005?

b. 5:20