Exchange Fund Bills Tender Results

Tender date                 :   21 December 2004

Paper on offer              :   EF Bills

Issue number                :   Q451

Issue date                  :   22 December 2004

Maturity date               :   23 March 2005

Amount applied              :   HK$8,280 MN

Amount allotted             :   HK$3,207 MN

Average yield accepted      :   0.08 PCT

Highest yield accepted      :   0.10 PCT

Pro rata ratio              :   About 3 PCT

Average tender yield        :   0.10 PCT

* * * * * * * * * * * *

Tender date                 :   21 December 2004

Paper on offer              :   EF Bills

Issue number                :   H480

Issue date                  :   22 December 2004

Maturity date               :   22 June 2005

Amount applied              :   HK$7,870 MN

Amount allotted             :   HK$1,300 MN

Average yield accepted      :   0.30 PCT

Highest yield accepted      :   0.30 PCT

Pro rata ratio              :   About 20 PCT

Average tender yield        :   0.32 PCT

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Hong Kong Monetary Authority
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Tenders to be held in the week beginning - 28 Dec 04 :-

Tender date                 :   28 December 2004

Paper on offer              :   EF Bills

Issue number                :   Q452

Issue date                  :   29 December 2004

Maturity date               :   30 March 2005

Tenor                       :   91 Days

Amount on offer             :   HK$2,335 MN

End/Tuesday, December 21, 2004
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