The 3rd Non-competitive Tender for Exchange Fund Notes

The Hong Kong Monetary Authority (HKMA) announced today (Friday) that the 3rd non-competitive tender for Exchange Fund Notes under the Pilot Scheme for promoting Exchange Fund Notes to the retail market will be held on 11 November 2003. Up to HK$120 million of 2-year Exchange Fund Notes will be offered to the public through non-competitive tender. Detailed information about the Notes will be confirmed and announced on 31 October 2003. Investors wishing to participate in the non-competitive tender can apply for the issue between 31 October 2003 and 7 November 2003 through the Retail Exchange Fund Notes Distributors (Distributors) appointed by the HKMA: Bank of East Asia, DBS (HK), and Wing Lung Bank. The subscription price of the issue will be fixed and announced on 11 November 2003. Allotment will be made on 12 November 2003.

On 1 August 2003, the HKMA launched a 1-year Pilot Scheme (Scheme) for promoting Exchange Fund Notes in the retail market. Under the Scheme, a portion of each quarterly issue of 2-year and 3-year Notes will be made available for non-competitive tender by retail investors through the Distributors. In addition, the Distributors will adhere to a number of unified standards in the distribution of Exchange Fund Notes to retail investors in the secondary market.

For further enquiries, please contact:

Jasmin Fung, Manager (Press), at 2878 8246 or
Kevin Ip, Manager (Press), at 2878 1687

Hong Kong Monetary Authority
24 October 2003