MONDAY, JUNE 1, 1987
MONETARY STATISTICS FOR APRIL RELEASED
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STATISTICS PUBLI HED TODAY (MONDAY) BY THE MONETARY AFFAIRS BRANCH SHOWED THE GROWTH OF THE HONG KONG DOLLAR MONEY SUPPLY SLOWED DOWN IN APRIL AS THE SPECULATION INFLOW INTO THE HONG KONG DOLLAR EARLIER THIS YEAR SUBSIDED.
HONG KONG DOLLAR M1 (THE NARROWEST DEFINITION OF MONEY SUPPLY) WAS UNDER THE INFLUENCE OF A NEW SHARE ISSUE AND RECORDED A FAIRLY RAPID INCREASE. HONG KONG DOLLAR M2 AND M3 BOTH SHOWED A SMALL INCREASE.
HONG KONG DOLLAR DEPOSITS ALSO GREW MORE SLOWLY IN APRIL THAN IN PREVIOUS MONTHS. THIS WAS DESPITE THE SMALL UPWARD ADJUSTMENT IN BANKS' DEPOSIT INTEREST RATES ON APRIL 7. GROWTH IN FOREIGN CURRENCY DEPOSITS, HOWEVER, CONTINUED TO BE RAPID AS US DOLLAR INTEREST RATES FIRMED MARKEDLY DURING THE MONTH.
TOTAL LOANS AND ADVANCES EXTENDED BY BANKS AND DEPOSIT-TAKING COMPANIES CONTINUED TO INCREASE. OTHER LOANS FOR USE IN HONG KONG REGISTERED A SUBSTANTIAL GROWTH IN APRIL BUT LOANS TO FINANCE HONG KONG'S VISIBLE TRADE RECORDED ONLY A SMALL INCREASE.
DEPOSITS
IN APRIL, HONG KONG DOLLAR DEMAND DEPOSITS GREW BY 2.5 PER CENT AND TIME DEPOSITS BY 1.2 PER CENT. SAVINGS DEPOSITS, HOWEVER, FELL BY 0.4 PER CENT. TOTAL HONG KONG DOLLAR DEPOSITS GREW BY 0.7 PER CENT AFTER INCREASES OF 2.3 PER CENT IN FEBRUARY AND 2.4 PER CENT IN MARCH.
FOREIGN CURRENCY DEPOSITS GREW FASTER IN APRIL, BY 3.7 PER CENT AFTER INCREASES OF 2.4 PER CENT IN FEBRUARY AND 2.8 PER CENT IN MARCH. OVER THE YEAR (1.E. FOR THE 12 MONTHS ENDING APRIL), THESE DEPOSITS GREW BY 38.8 PER CENT.
FOREIGN CURRENCY SWAP DEPOSITS INCREASED BY 3.8 PER CENT IN APRIL. ADJUSTED TO INCLUDE THESE DEPOSITS, HONG KONG DOLLAR DEPOSITS GREW BY 1 PER CENT IN APRIL WHILE ADJUSTED FOREIGN CURRENCY DEPOSITS GREW BY 3.7 PER CENT.
DEPOSITS (ALL CURRENCIES) WITH BANKS INCREASED BY 2.5 PER CENT IN APRIL WHILE THOSE WITH DEPOSIT-TAKING COMPANIES INCREASED BY 1.4 PER CENT. OVER THE LAST THREE MONTHS, THE FORMER GREW BY 8.6 PER CENT WHILE THE LATTER FELL BY 1.7 PER CENT.
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HONG KONG