9
MONDAY, NOVEMBER 2, 1987
MONETARY STATISTICS FOR SEPTEMBER RELEASED
AS
TO
DEPOSITS IN HONG KONG DOLLAR GREW FASTER IN SEPTEMBER DOMESTIC CREDIT GROWTH ACCELERATED DURING THE MONTH, ACCORDING STATISTICS PUBLISHED TODAY (MONDAY) BY THE MONETARY AFFAIRS BRANCH. FOREIGN CURRENCY DEPOSITS, HOWEVER, FELL SLIGHTLY.
HONG KONG DOLLAR MONEY SUPPLY ON ALL DEFINITIONS GREW FASTER IN SEPTEMBER THAN IN PREVIOUS MONTHS. HONG KONG DOLLAR M1, THE NARROW DEFINITION OF HONG KONG DOLLAR MONEY SUPPLY, GREW RAPIDLY IN SEPTEMBER, REFLECTING THE HIGH LEVEL OF ACTIVITY IN THE LOCAL STOCK MARKET.
TOTAL LOANS AND ADVANCES EXTENDED BY DEPOSIT-TAKING INSTITUTIONS CONTINUED TO GROW STRONGLY IN SEPTEMBER, ALTHOUGH THE RATE OF GROWTH WAS SLIGHTLY LOWER THAN THOSE IN THE PREVIOUS MONTHS. LOANS FOR USE IN HONG KONG GREW FASTER IN SEPTEMBER THAN IN THE PREVIOUS MONTH. OFFSHORE LOANS ALSO CONTINUED TO INCREASE RAPIDLY, BUT LOANS TO FINANCE HONG KONG'S VISIBLE TRADE FELL SLIGHTLY.
TABLE 1 BEING SENT BY FACSIMILE SETS OUT SUMMARY FIGURES FOR SEPTEMBER 1987 AND COMPARISONS WITH EARLIER MONTHS. TABLE 2 ALSO BEING SENT BY FACSIMILE SETS OUT FIGURES FROM THE QUARTERLY ANALYSIS OF LOANS AND ADVANCES FOR USE IN HONG KONG BY SECTOR.
DEPOSITS
IN SEPTEMBER, HONG KONG DOLLAR DEMAND AND SAVINGS DEPOSITS INCREASED RAPIDLY, BY 14.5 PER CENT AND BY 6.0 PER CENT RESPECTIVELY. BUT TIME DEPOSITS DECREASED BY 1.7 PER CENT. AS A RESULT, TOTAL HONG KONG DOLLAR DEPOSITS ROSE BY 3.2 PER CENT IN SEPTEMBER AFTER INCREASES OF 2.6 PER CENT IN JULY AND 1.8 PER CENT IN AUGUST. OVER THE YEAR (I.E. FOR THE 12 MONTHS ENDING SEPTEMBER), TOTAL HONG KONG DOLLAR DEPOSITS GREW BY 26.5 PER CENT,
FOREIGN CURRENCY DEPOSITS DECREASED BY 0.3 PER CENT IN SEPTEMBER AFTER AN INCREASE OF 2.5 PER CENT IN JULY AND 1.4 PER CENT IN AUGUST. THESE DEPOSITS GREW BY 3.6 PER CENT OVER THE THREE MONTHS TO SEPTEMBER AND BY 25.8 PER CENT OVER THE YEAR. OF THE TOTAL, DEPOSITS IN U.S. DOLLARS ROSE BY 0.9 PER CENT IN SEPTEMBER DEPOSITS IN OTHER FOREIGN CURRENCIES FELI, BY 2.4 PER CENT.
WHILE
/FOREIGN CURRENCY
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