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MONDAY, FEBRUARY 1, 1988
DECEMBER MONETARY STATISTICS PUBLISHED
THERE WAS A HIGH GROWTH RATE OF HONG KONG DOLLAR DEPOSITS IN DECEMBER LAST YEAR, ACCORDING TO STATISTICS PUBLISHED TODAY (MONDAY) BY THE MONETARY AFFAIRS BRANCH. ONE CONTRIBUTORY FACTOR WAS PROBABLY THE SPECULATIVE INFLOW OF FUNDS INTO THE HONG KONG DOLLAR DURING THE MONTH.
CONSISTENT WITH THE GROWTH IN HONG KONG DOLLAR DEPOSITS, HONG KONG DOLLAR MONEY SUPPLY ON ALL DEFINITIONS INCREASED SUBSTANTIALLY IN DECEMBER.
TOTAL
LOANS AND ADVANCES EXTENDED BY DEPOSIT-TAKING INSTITUTIONS GREW SLIGHTLY FASTER IN DECEMBER THAN IN NOVEMBER. LOANS FOR USE OUTSIDE HONG KONG REMAINED THE PRINCIPLE SOURCE OF GROWTH. LOANS TO FINANCE HONG KONG'S VISIBLE TRADE AND OTHER LOANS FOR USE IN HONG KONG GREW MODERATELY.
DEPOSITS
HONG KONG DOLLAR DEPOSITS GREW BY 6.4 PER CENT IN DECEMBER, AFTER AN INCREASE OF 1 PER CENT IN OCTOBER AND A DECLINE OF 0.7 PER CENT IN NOVEMBER, WITHIN THESE DEPOSITS, DEMAND DEPOSITS AND SAVINGS DEPOSITS INCREASED RAPIDLY, BY 17.6 PER CENT AND 20.8 PER CENT RESPECTIVELY, WHILE TIME DEPOSITS FELL BY 9.3 PER CENT.
FOR 1987 AS A WHOLE, TOTAL HONG KONG DOLLAR DEPOSITS GREW BY 26.3 PER CENT.
FOREIGN CURRENCY DEPOSITS INCREASED BY 2.5 PER CENT IN DECEMBER, FOLLOWING INCREASES OF 5.6 PER CENT AND
2. 3 PER CENT IN OCTOBER AND NOVEMBER RESPECTIVELY. AMONG THESE DEPOSITS, THE GROWTH RATE OF U.S. DOLLAR DEPOSITS, AT 0.6 PER CENT DURING THE MONTH, WAS LOWER THAN THAT OF NON-U.S. DOLLAR DEPOSITS, AT 5 PER CENT.
CENT.
OVER THE YEAR, TOTAL FOREIGN CURRENCY DEPOSITS GREW BY 29 PER
FOREIGN CURRENCY SWAP DEPOSITS DECREASED BY 24.1 PER CENT IN DECEMBER. WITH AN EASING OF THE MONEY MARKET INTEREST RATES TOWARDS THE END OF 1987 INTEREST YIELDS ON SWAP DEPOSITS FELL BELOW THE DEPOSIT RATES SET BY THE HONG KONG ASSOCIATION OF BANKS, THUS DISCOURAGING NEW DEPOSITS OF THIS TYPE.
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