MARKET BRIEFING IN JUNE 2002

Open market operations

In June, the People's Bank of China (PBC) held four open market operations: the first three in the form of volume-bids, including reverse repo and bond trading, and the fourth being repo in the form of American interest-rate-bids.

Bond issuing

In June, the Ministry of Finance, China Development Bank, and the Import & Export Bank of China issued five issues of bonds, totalling 102 billion yuan, through the bond issuing system of the PBC.

Market member

By the end of June, members in the national interbank funding market and bond market totalled 643, among which 499 have been connected to the network. And there are 316 members in the national interbank forex market.

As of July 15, 66 financial institutions have signed the Agreement of Broking Service of Foreign Currency Deposit with China Foreign Exchange Trade System.

WWW.CHINAMONEY.COM.CN

In order to consummate the releasing system of market members' credit, the National Interbank Funding Center required its members to deliver their 2001 financial reports (including the balance sheet and the income statement), to update their background materials. All information is released through www.chinamoney.com.cn.