MONDAY, FEBRUARY 1, 1988
ADJUSTED TO INCLUDE THESE DEPOSITS, HONG KONG
DOLLAR DEPOSITS ROSE BY 3.8 PER CENT IN DECEMBER AND BY 21 PER CENT IN 1987 WHILE FOREIGN CURRENCY DEPOSITS, ADJUSTED TO EXCLUDE SWAP DEPOSITS, INCREASED BY 4.5 PER CENT IN DECEMBER AND BY 34.5 PER CENT IN 1987.
A SIGNIFICANT PART OF THE RAPID INCREASE IN FOREIGN CURRENCY DEPOSITS IS ATTRIBUTABLE TO THE APPRECIATION OF SOME OF THE FOREIGN CURRENCIES IN WHICH THE DEPOSITS ARE DENOMINATED.
DEPOSITS (ALL CURRENCIES) WITH BANKS INCREASED BY 4.9 PER CENT IN DECEMBER WHILE THOSE WITH DEPOSIT-TAKING COMPANIES DECREASED BY 3 PER CENT. OVER THE YEAR, THEIR RESPECTIVE INCREASES WERE 30.6 PER CENT AND 4.4 PER CENT.
MONEY SUPPLY
IN LINE WITH THE RAPID INCREASE IN HONG KONG DOLLAR DEPOSITS, HONG KONG DOLLAR MONEY SUPPLY ON ALL DEFINITIONS ROSE SUBSTANTIALLY IN DECEMBER.
HK$M1, HK$M2 AMD HK$M3 ROSE BY 13.8 PER CENT, 8.2 PER CENT AND 6.5 PER CENT RESPECTIVELY. THE CORRESPONDING RATES FOR NOVEMBER WERK -2.1 PER CENT, 0 PER CENT AND -0.5 PER CENT.
CENT,
TAKE
FOR 1987 AS A WHOLE, HK$M1, M2 AND M3 GREW BY 43.1 PER 30.8 PER CENT AND 26.7 PER CENT RESPECTIVELY. ADJUSTED TO ACCOUNT OF SWAP DEPOSITS, THE BROADEST DEFINITION OF HONG DOLLAR MONEY SUPPLY, HK$M3, GREW BY 21.8 PER CENT IN 1987, WHICH IS ROUGHLY IN LINE WITH ECONOMIC GROWTH IN MONEY TERMS.
KONG
TOTAL M1 GREW BY 10.8 PER CENT IN DECEMBER AFTER AN INCREASE OF 0.3 PER CENT IN NOVEMBER. TOTAL M2 AND TOTAL M3, ON THE OTHER HAND, INCREASED BY 5 PER CENT AND 4.3 PER CENT RESPECTIVELY IN DECEMBER, FOLLOWING INCREASES OF 1.3 PER CENT AND 1 PER CENT IN NOVEMBER.
OVER THE YEAR, TOTAL M1 GREW BY 46 PER CENT, TOTAL M2 BY 30.7 PER CENT AND TOTAL M3 BY 27.7 PER CENT.
LOANS AND ADVANCES
TOTAL OUTSTANDING LOANS AND ADVANCES EXTENDED BY BANKS AND DEPOSIT-TAKING COMPANIES GREW BY 4.9 PER CENT IN DECEMBER, AFTER INCREASES OF 2 PER CENT IN OCTOBER AND 4.6 PER CENT IN NOVEMBER.
THE GROWTH IN DECEMBER WAS ALMOST ENTIRELY ATTRIBUTABLE TO LOANS DENOMINATED IN FOREIGN CURRENCIES WHICH ROSE BY 8.4 PER CENT. LOANS DENOMINATED IN HONG KONG DOLLAR, ON THE OTHER HAND, WAS LITTLE CHANGED FROM THE PREVIOUS MONTH.
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