(2)
SATURDAY, JULY 6, 1991
IN THE TEXT ABOVE, TOTAL HK$ DEPOSITS, HK$ TIME DEPOSITS, AND HK$M3 HAVE BEEN ADJUSTED TO INCLUDE SWAP DEPOSITS.
NON-US$ FOREIGN CURRENCY DEPOSITS, US$ DEPOSITS AND HAVE BEEN ADJUSTED TO EXCLUDE SWAP DEPOSITS.
HK$M2
TOTAL
DEPOSITS
FOREIGN
"SWAP DEPOSITS" ARE DEPOSITS INVOLVING CUSTOMERS BUYING CURRENCIES (MOSTLY U.S. DOLLARS) IN THE SPOT MARKET AND PLACING THEM AS DEPOSITS WITH AUTHORISED INSTITUTIONS, WHILE AT THE SAME FOREIGN CURRENCIES TIME ENTERING INTO A CONTRACT TO SELL SUCH
OF (PRINCIPAL PLUS INTEREST) FORWARD IN LINE WITH THE MATURITY
BE SUCH DEPOSITS. FOR MOST ANALYTICAL PURPOSES, THEY SHOULD REGARDED AS HONG KONG DOLLAR DEPOSITS.
/TABLE 1