WEDNESDAY, JUNE 30, 1993
6
FOREIGN
SINCE COMPANIES ALREADY EXIST THAT OFFER LEVERAGED EXCHANGE CONTRACTS, THE BILL WOULD PROVIDE FOR A GRACE PERIOD OF 30 DAYS AFTER THE BILL BECOMES EFFECTIVE FOR SUCH OPERATORS TO APPLY FOR LICENCES, DURING WHICH PERIOD THE RESTRICTIONS IN THE BILL WOULD NOT APPLY, HE SAID.
THOSE CHOOSING NOT TO APPLY FOR A LICENCE WITHIN THE 30 DAYS WOULD HAVE TO CEASE BUSINESS IMMEDIATELY AT THE EXPIRY OF THE GRACE PERIOD.
OPERATORS WHICH APPLIED FOR REGISTRATION WILL BE ALLOWED TO CARRY ON THEIR BUSINESS WHILE THEIR APPLICATIONS WERE BEING PROCESSED.
THOSE REFUSED A LICENCE WOULD HAVE TO CEASE OPERATION IMMEDIATELY AND WOULD BE GIVEN 14 DAYS TO CLOSE EXISTING CLIENT POSITIONS UNDER THE SUPERVISION OF THE SFC.
THE BILL WILL BE GAZETTED ON FRIDAY (JULY 2).
0
MONETARY STATISTICS FOR MAY
THE
HONG KONG DOLLAR DEPOSITS WITH AUTHORISED INSTITUTIONS AND BROADER DEFINITIONS OF HONG KONG DOLLAR MONEY SUPPLY INCREASED IN MAY THIS YEAR, ACCORDING TO STATISTICS PUBLISHED TODAY (WEDNESDAY) BY THE HONG KONG MONETARY AUTHORITY.
MONTH.
HONG KONG DOLLAR LOANS AND ADVANCES ALSO INCREASED DURING THE
DEPOSITS
HONG
KONG
DOLLAR DEPOSITS WITH AUTHORISED ADJUSTED TO INCLUDE SWAP DEPOSITS, ROSE BY 1.4% IN MAY INCREASE OF 5.7% IN MARCH AND A DECREASE OF 0.6% IN
INSTITUTIONS, FOLLOWING APRIL.
AN
AMONG THESE DEPOSITS, SAVINGS DEPOSITS AND TIME DEPOSITS INCREASED BY 0.8% AND 2.6% RESPECTIVELY WHILE DEMAND DEPOSITS DECREASED BY 2.3%. YEAR-ON-YEAR, TOTAL HONG KONG DOLLAR DEPOSITS GREW BY 17.2%.
FOREIGN CURRENCY DEPOSITS WITH AUTHORISED INSTITUTIONS INCREASED BY 0.4% IN MAY, AFTER A DECREASE OF 0.2% IN MARCH AND AN INCREASE OF 1.8% IN APRIL.
OF THESE DEPOSITS, U.S. DOLLAR DEPOSITS DECREASED BY 1.0% WHILE NON-U.S. DOLLAR FOREIGN CURRENCY DEPOSITS INCREASED BY 1.7%. YEAR-ON- YEAR, TOTAL FOREIGN CURRENCY DEPOSITS GREW BY 9.8%.
DURING MAY, DEPOSITS IN ALL CURRENCIES WITH LICENSED BANKS AND RESTRICTED LICENCE BANKS INCREASED BY 0.7% AND 9.2% RESPECTIVELY WHILE DEPOSITS WITH DEPOSIT-TAKING COMPANIES DROPPED BY 1.3%.
/YEAR-ON-YEAR, DEPOSITS