NEWS RELEASE

23 April 2001

Hong Kong Futures Exchange Limited, a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited, has set margin rates for the MSCI China Free Index (CFI) Futures contract, which will be introduced on Monday, 7 May 2001.

The table below shows the minimum margins to be collected by an Exchange Participant from its clients in respect of their dealings in the contract:

Futures Contract	Margin Rates	Initial Margin	Maintenance Margin
MSCI China Free Index Futures	Full Rates Spread Rates	$27,500 per lot $3,500 / lot / side	$22,000 per lot $2,800 / lot / side

Note: The above margins may be adjusted prior to 7 May.

The Exchange emphasises that the above are minimum rates and Exchange Participants should set their margin requirements according to their clients' individual circumstances.

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