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

The Hong Kong Monetary Authority (HKMA) issued today (May 15) a tentative issuance schedule (which is on the HKMA websit http://www.hkma.gov.hk) for Exchange Fund Bills and Notes (EFBN) for the coming quarter of July to September 2003. The schedule contains information on the tentative tender dates, tender sizes and issue dates of individual issues.

The quarterly schedule is issued in the second month of each quarter (i.e. February, May, August and November), covering the EFBN tenders in the following quarter.

Since the fourth quarter of 2002, the HKMA has started rolling over all 3-year Exchange Fund Notes (EFN) through the reopening of 5-year EFN with remaining maturity of 38 months. Successful bidders of a reopened issue have to pay to the HKMA the respective bid price plus an amount equal to the interest accrued from the last coupon payment date to the allotment date of the reopened issue.

It should be noted that the tender dates, tender sizes and issue dates projected in the advance issuance schedule are tentative. The details of new issues are to be confirmed and announced one week prior to the respective tender dates. The HKMA may make changes in the light of prevailing market conditions.

For further enquiries, please contact:

Jasmin Fung, Manager (Press), at 2878 8246 or

Thomas Chan, Senior Manager (Press), at 2878 1480

End/Thursday, May 15, 2003

NNNN