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MONDAY, JANUARY 6, 1986
HONG KONG DOLLAR MONEY SUPPLY
HONG KONG DOLLAR SUPPLY ON ALL DEFINITIONS GREW MODESTLY. HK$M1 (THE NARROWEST DEFINITION) ROSE BY 0.4 PER CENT IN NOVEMBER, REVERSING THE DECLINE OF 0.5 PER CENT IN OCTOBER. THE GROWTH WAS ATTRIBUTABLE TO THE RAPID INCREASE IN THE PUBLIC HOLDINGS OF LEGAL TENDER NOTES AND COINS WHICH MORE THAN OFFSET THE DECLINE IN HONG KONG DOLLAR DEMAND DEPOSITS, THE OTHER COMPONENT OF HK$M1. HK$M2 AND HK$M3 ROSE BY 0.9 PER CENT AND 0.6 PER CENT RESPECTIVELY. THE CORRESPONDING INCREASES IN OCTOBER WERE 1.4 PER CENT AND 1,2 PER CENT. IN THE THREE MONTHS TO NOVEMBER, HK$M1 AND HK$M2 GREW AT THE SAME RATE, OF 2.6 PER CENT, WHILE HK$M3 GREW BY 2.3 PER CENT: OVER THE 12 MONTHS, THE CORRESPONDING INCREASES WERE 29.1 PER CENT, 16.1 PER CENT AND 14.0 PER CENT.
AFTER ADJUSTING FOR SWAP DEPOSITS, HK$M2 AND HK$M3 GREW SLIGHTLY FASTER, AT 12.0 PER CENT AND 0.7 PER CENT RESPECTIVELY IN NOVEMBER. IN THE THREE MONTHS TO NOVEMBER, THE CORRESPONDING GROWTH RATES WERE 2.5 PER CENT AND 2.3 PER CENT.
TOTAL MONEY SUPPLY
TOTAL MONEY SUPPLY ON ALL DEFINITIONS ROSE IN NOVEMBER, TOTAL M1 GREW BY 0.7 PER CENT, AFTER HAVING FALLEN BY 2.1 PER CENT IN OCTOBER. TOTAL M2 AND TOTAL M3 GREW BY 2.0 PER CENT AND 1.7 PER CENT RESPECTIVELY. THE CORRESPONDING GROWTH RATES IN OCTOBER WERE 2.2 PER CENT AND 1.8 PER CENT. IN THE THREE MONTHS TO NOVEMBER, TOTAL M1 GREW BY 2.1 PER CENT, TOTAL M2 BY 5.5 PER CENT AND TOTAL M3 BY 4.6 PER CENT; OVER THE 12 MONTHS, THE CORRESPONDING GROWTH RATES WERE 29.0 PER CENT, 27.2 PER CENT AND 24.3 PER CENT.
LOANS AND ADVANCES
LOANS AND ADVANCES EXTENDED BY BANKS AND DEPOSIT-TAKING COMPANIES INCREASED BY 1.8 PER CENT IN NOVEMBER, FOLLOWING A MODEST INCREASE OF 0.7 PER CENT IN OCTOBER. IN THE THREE MONTHS TO NOVEMBER THESE GREW BY 2.7 PER CENT AND OVER THE 12 MONTHS BY 6.3 PER CENT.
LOANS DENOMINATED IN HONG KONG DOLLAR GREW BY 1.5 PER CENT AND LOANS DENOMINATED IN FOREIGN CURRENCIES GREW BY 2.1 PER CENT. IN THE THREE MONTHS TO NOVEMBER, THE FORMER GREW BY 1.6 PER CENT WHILE THE LATTER GREW BY 3.9 PER CENT.
WITHIN THE