WEDNESDAY, APRIL 29, 1987
2
MONETARY STATISTICS FOR MARCH RELEASED
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STATISTICS PUBLISHED TODAY (WEDNESDAY) BY THE MONETARY AFFAIRS BRANCH SHOWED A CONTINUATION IN THE RAPID GROWTH OF HONG KONG DOLLAR DEPOSITS IN MARCH. FOREIGN CURRENCY DEPOSITS ALSO GREW FASTER IN MARCH THAN IN FEBRUARY.
HONG KONG DOLLAR M1 (THE NARROWEST DEFINITION OF MONEY SUPPLY) FELL SLIGHTLY IN MARCH, REFLECTING A DROP IN THE AMOUNT OF CASH HELD BY THE PUBLIC. HONG KONG DOLLAR M2 AND M3, HOWEVER, GREW FASTER THAN IN FEBRUARY.
GROWTH IN LOANS AND ADVANCES EXTENDED BY BANKS AND DEPOSIT- TAKING COMPANIES ACCELERATED IN MARCH. LOANS TO FINANCE HONG KONG'S VISIBLE TRADE INCREASED RAPIDLY AFTER THE SLIGHT FALL IN FEBRUARY. OTHER LOANS FOR USE IN HONG KONG ALSO INCREASED.
TABLE 1 SETS OUT SUMMARY FIGURES FOR MARCH 1987 AND COMPARISONS WITH EARLIER MONTHS. TABLE 2 SETS OUT FIGURES FROM THE QUARTERLY ANALYSIS OF LOANS AND ADVANCES FOR USE IN HONG KONG BY SECTOR.
DEPOSITS
IN MARCH, HONG KONG DOLLAR TIME DEPOSITS INCREASED RAPIDLY, BY 4.5 PER CENT, AFTER AN INCREASE OF 0.5 PER CENT IN FEBRUARY. DEMAND AND SAVINGS DEPOSITS ALSO INCREASED, BY 0.9 PER CENT AND 0.6 PER CENT RESPECTIVELY. TOTAL HONG KONG DOLLAR DEPOSITS GREW BY 2.4 PER CENT AFTER INCREASES OF 1.4 PER CENT IN JANUARY AND 2.3 PER CENT IN FEBRUARY. OVER THE YEAR (I.E. THE 12 MONTHS TO THE END OF MARCH), THESE DEPOSITS GREW BY 20.4 PER CENT.
FOREIGN CURRENCY DEPOSITS ALSO GREW FASTER IN MARCH, BY 2.8 PER CENT AFTER AN INCREASE OF 1.6 PER CENT IN JANUARY AND 2.4 PER CENT IN FEBRUARY. OVER THE YEAR, THESE DEPOSITS GREW BY 37.7 PER CENT.
FOREIGN CURRENCY SWAP DEPOSITS INCREASED BY 8.1 PER CENT IN MARCH AFTER A FALL OF 6.9 PER CENT IN FEBRUARY. ADJUSTED TO INCLUDE THESE DEPOSITS, HONG KONG DOLLAR DEPOSITS GREW BY 2.9 PER CENT IN MARCH AND BY 18.7 PER CENT OVER THE YEAR, ADJUSTED FOREIGN CURRENCY DEPOSITS GREW BY 2.3 PER CENT IN MARCH AND BY 41.8 PER CENT OVER THE YEAR.
DEPOSITS (ALL CURRENCIES) WITH BANKS INCREASED BY 3.0 PER CENT IN MARCH WHILE THOSE WITH DEPOSIT-TAKING COMPANIES DECREASED BY 0.9 PER CENT. OVER THE YEAR, THE FORMER GREW BY 37.0 PER CENT WHILE THE LATTER FELL BY 15.8 PER CENT.
HONG KONG DOLLAR ....