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TUESDAY, DECEMBER 1, 1987
MONETARY STATISTICS FOR OCTOBER PUBLISHED
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HONG KONG DOLLAR DEPOSITS AND FOREIGN CURRENCY DEPOSITS INCREASED IN OCTOBER COMPARED WITH SEPTEMBER, ACCORDING TO STATISTICS PUBLISHED TODAY (TUESDAY) BY THE MONETARY AFFAIRS BRANCH,
BUT THE GROWTH IN HONG KONG DOLLAR DEPOSITS WAS SLOWER THAN THAT IN THE PREVIOUS MONTH. REFLECTING THIS DEVELOPMENT, HONG KONG DOLLAR MONEY SUPPLY ON ALL DEFINITIONS EXPERIENCED SLOWER GROWTH DURING THE MONTH.
TOTAL
LOANS
AND ADVANCES EXTENDED BY DEPOSIT-TAKING INSTITUTIONS CONTINUED TO INCREASE IN OCTOBER, BUT THE RATE OF GROWTH WAS SLIGHTLY LOWER THAN THAT IN SEPTEMBER. THIS SLOWDOWN WAS MAINLY DUE TO A DECELERATION IN THE GROWTH OF LOANS FOR USE IN HONG KONG.
ON THE OTHER HAND, LOANS FOR USE OUTSIDE HONG KONG GREW FASTER IN OCTOBER THAN IN THE PREVIOUS MONTH, WHILE LOANS TO FINANCE HONG KONG'S VISIBLE TRADE RECOVERED SLIGHTLY IN OCTOBER AFTER A FALL IN SEPTEMBER.
SUMMARY FIGURES FOR OCTOBER 1987 AND EARLIER MONTHS ARE SET OUT IN A TABLE.
COMPARISIONS
DEPOSITS
WITH
IN OCTOBER, HONG KONG DOLLAR DEMAND DEPOSITS INCREASED BY 6.6 PER CENT WHILE SAVINGS DEPOSITS DECREASED BY 4.9 PER CENT. TIME DEPOSITS INCREASED BY 4.2 PER CENT AFTER A DECLINE OF 1.7 PER CENT IN SEPTEMBER. AS A RESULT, TOTAL HONG KONG DOLLAR DEPOSITS ROSE BY 1.0 PER CENT IN OCTOBER AFTER INCREASES OF 1.8 PER CENT IN AUGUST AND 3.2 PER CENT IN SEPTEMBER. OVER THE YEAR (I.E. FOR THE 12 MONTHS ENDING OCTOBER), TOTAL HONG KONG DOLLAR DEPOSITS GREW BY 24.9 PER CENT.
FOREIGN CURRENCY DEPOSITS INCREASED BY 5.6 PER CENT IN OCTOBER AFTER A DECLINE OF 0.3 PER CENT IN SEPTEMBER. THESE DEPOSITS GREW BY 6.8 PER CENT OVER THE THREE MONTHS TO OCTOBER AND BY 29.2 PER CENT OVER THE YEAR. OF THE TOTAL, DEPOSITS IN U.S. DOLLARS ROSE BY 2.2 PER CENT IN OCTOBER WHILE DEPOSITS IN OTHER FOREIGN CURRENCIES GREW BY 11.5 PER CENT.
FOREIGN CURRENCY SWAP DEPOSITS INCREASED BY 0.1 PER CENT IN OCTOBER. ADJUSTED ΤΟ INCLUDE THESE DEPOSITS, HONG KONG DOLLAR DEPOSITS GREW BY 0.9 PER CENT IN OCTOBER WHILE ADJUSTED FOREIGN CURRENCY DEPOSITS ROSE BY 6.2 PER CENT.
DEPOSITS (ALL CURRENCIES) WITH BANKS INCREASED BY 3.1 PER CENT IN OCTOBER WHILE THOSE WITH DEPOSIT-TAKING COMPANIES INCREASED BY 8.5 PER CENT. FOR THE THREE MONTHS ENDING OCTOBER, DEPOSITS IN BOTH KINDS OF DEPOSIT-TAKING INSTITUTIONS INCREASED BY 6.5 PER CENT. THE YEAR, DEPOSITS WITH BANKS GREW BY 29.5 PER CENT BUT DEPOSIT-TAKING COMPANIES ROSE BY 10.1 PER CENT.
OVER
THOSE
WITH
MONEY SUPPLY