THURSDAY, JULY 4, 1935
6
MAY MONETARY STATISTICS RELEASED
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BOTH HONG KONG DOLLAR AND FOREIGN CURRENCY DEPOSITS CONTINUED TO INCREASE IN MAY, ACCORDING TO MONETARY STATISTICS PUBLISHED TODAY (THURSDAY).
THE INCREASE IN FOREIGN CURRENCY DEPOSITS WAS MORE RAPID, AS SOME DEPOSITORS TOOK ADVANTAGE OF THE STRENGTH OF THE HONG KONG DOLLAR AND THE HIGHER INTEREST RATES FOR THE U.S. DOLLAR TO SWITCH FROM HONG KONG DOLLARS TO U.S. DOLLARS. THE INCREASE IN FOREIGN CURRENCY SWAP DEPOSITS SLOWED DOWN DURING THE MONTH.
MONEY SUPPLY ON ALL DEFINITIONS INCREASED FURTHER, WITH THE HONG KONG DOLLAR COMPONENTS SHOWING SLOWER GROWTH.
LOANS TO FINANCE VISIBLE TRADE OF HONG KONG FELL IN MAY, AFTLI RISING SIGNIFICANTLY IN THE PREVIOUS THREE MONTHS. OTHER LOANS F.. USE IN HONG KONG SHOWED SOME INCREASE.
DEPOSITS
HONG KONG DOLLAR DEPOSITS ROSE BY 1.3 PER CENT IN MAY, FOLLOWING A RISE OF 1.2 PER CENT IN APRIL. THESE DEPOSITS INCREASED BY 3.9 PI CENT IN THE THREE MONTHS TO MAY, AND BY 22.2 PER CENT OVER THE 12 MONTHS. FOREIGN CURRENCY DEPOSITS GREW BY 2.5 PER CENT IN MAY, COMPARED WITH 1.2 PER CENT IN APRIL. THESE DEPOSITS WERE 8.7 PER CENT HIGHER IN THE THREE MONTHS TO MAY AND 20.4 PER CENT HIGHER OVER THE 12 MONTHS.
FOREIGN CURRENCY SWAP DEPOSITS GREW BY A RELATIVELY SLOW RATE OF 0.5 PER CENT IN MAY, TO $25.2 BILLION AT THE END OF MAY. ADJUSTED TO INCLUDE THESE DEPOSITS, HONG KONG DOLLAR DEPOSITS GREW BY 1.2 PER CENT IN MAY AND 4.4 PER CENT OVER THE THREE MONTHS TO MAY. FOREIGN CURRENCY DEPOSITS, ON THE OTHER HAND, GREW BY 2.8 PER CENT IN MAY AND 8.8 PER CENT OVER THE THREE MONTHS TO MAY.
TOTAL DEPOSITS WITH BANKS ROSE BY 2.3 PER CENT IN MAY, COMPARED WITH 1.3 PER CENT IN APRIL WHILE TOTAL DEPOSITS WITH DEPOSIT-TAKING COMPANIES WERE VIRTUALLY UNCHANGED AFTER A MODEST INCREASE OF 0.5 PER CENT IN APRIL.
OVER THE THREE MONTHS TO MAY, THE GROWTH RATE OF TOTAL DEPOSITS WITH BANKS, AT 6.5 PER CENT, WAS HIGHER THAN THAT WITH DEPOSIT- TAKING COMPANIES, AT 5.0 PER CENT.
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HONG KONG DOLLAR MONEY SUPPLY
THE HONG KONG DOLLAR MONEY SUPPLY ON THE NARROWEST DEFINITIO... HK$M1, ROSE BY 2.0 PER CENT IN MAY, AFTER FALLING MARGINALLY BY 0.2 PER CENT IN APRIL. ON THE BROADER DEFINITIONS, HK$ME AND HK$M3 ROSE BY 1.4 PER CENT AND 1.3 PER CENT RESPECTIVELY.
THE CORRESPONDING