THURSDAY, AUTO,
MONEY SUPPLY
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NEW SERIES
THE MONEY SUPPLY ON ALL DEFINITIONS IN THE NEW SERIES ROSE IN AUGUST, WITH M3 TOTAL UP BY 3.3 PER CENT AND HK$M3 UP BY 2.7 PER CENT. IN THE LAST THREE MONTHS M3 - TOTAL ROSE BY 5.6 PER CENT, WHILE HK$M3 ROSE BY 2.5 PER CENT: THESE ARE SUBSTANTIALLY LOWER THAN THEIR RESPECTIVE INCREASES OF 7.8 PER CENT AND 5.9 PER CENT IN THE PREVIOUS THREE MONTHS.
IN THE FIRST EIGHT MONTHS OF THIS YEAR (THE LONGEST PERIOD FOR WHICH THE SERIES IS AVAILABLE) HK$M3 HAS RISEN BY 15.6 PER CENT, EQUIVALENT TO AN ANNUAL RATE OF SOME 23 PER CENT, WHILE HK$M1 HAS FALLEN BY 0.7 PER CENT.
LOANS IN HONG KONG ORIGINAL SERIES
TOTAL LOANS AND ADVANCES IN HONG KONG ROSE BY 3.4 PER CENT IN AUGUST, AFTER A FALL OF 0.6 PER CENT IN JULY. IN THE LAST THREE MONTHS TOTAL LOANS AND ADVANCES IN HONG KONG ROSE BY 7.2 PER CENT, DOWN FROM AN INCREASE OF 11.2 PER CENT IN THE PREVIOUS THREE MONTHS.
BANKS LOANS IN HONG KONG ROSE BY 2.5 PER CENT IN AUGUST, AFTER A FALL OF 1.3 PER CENT IN JULY. LOANS IN HONG KONG BY DEPOSIT-TAK ING ROSE BY 6 PER CENT, AFTER RISING BY 1.3 PER CENT IN JULY, IN THE LAST THREE MONTHS BANK LOANS IN HONG KONG ROSE BY 4.6 PER CENT AND LOANS IN HONG KONG BY DEPOSIT-TAK ING COMPANIES EY 15.3 PER CENT, DOWN FROM THE IR RESPECTIVE INCREASES OF 9.8 PER CENT AND 16 PER CENT IN THE PREVIOUS THREE MONTHS.
UNLIKE THE NEW SERIES THESE FIGURES DO NOT IDENTIFY THE PLACE WHERE THE LOANS ARE TO BE USED, BECAUSE A BORROWER IN HONG KONG MAY VERY WELL BORROW IN HONG KONG FOR USE OUTSIDE HONG KONG.
LOANS FOR USE IN HONG KONG NEW SERIES
LOANS FOR USE IN HONG KONG BY BANKS AND DEPOSIT-TAK ING COMPANIES ROSE IN AUGUST BY 5.1 PER CENT, AFTER A FALL OF 1.9 PER CENT IN JULY. IN THE LAST THREE MONTHS LOANS FOR USE IN HONG KONG ROSE BY 10.8 PER CENT SINCE DECEMBER 1980 THEY HAVE RISEN BY 29.9 PER CENT, EQUIVALENT TO AN ANNUAL RATE OF SOME 45 PER CENT.
FOREIGN ASSETS
THE NET IDENTIF BLE FOREIGN ASSETS OF ALL BANKS INCREASED IN AUGUST BY $996 MN, AND THOSE OF DTCS BY $774 MN, INDICATING A NET INFLOW OF FUNDS INTO THE HONG KONG MONETARY SECTOR OF $1 770 MN, AFTER A NET OUTFLOW OF $2 262 MN IN THE PREVIOUS MONTH.
IN THE LAST THREE MONTHS THE NET INFLOW OF FUNDS INTO HONG KONG AMOUNTED TO $1 260 MM, COMPARED WITH A NET INFLOW OF $81 MN IN THE PREVIOUS THREE MONTHS.
/BALANCE