TUESDAY, MAY 31, 1994
MONETARY STATISTICS FOR APRIL
STATISTICS PUBLISHED TODAY (TUESDAY) BY THE HONG KONG MONETARY AUTHORITY SHOWED THAT HK$ M3 GREW MODERATELY BY 2.2% IN APRIL 1994, UP FROM 0.1% IN MARCH.
ITS YEAR-ON-YEAR GROWTH RATE WAS 22.6%, HIGHER THAN THE LEVEL IN MARCH BUT CONSIDERABLY LOWER THAN THOSE IN THE PREVIOUS MONTHS.
FOLLOWING A MARGINAL INCREASE OF 0.1% IN MARCH, THE GROWTH OF HONG KONG DOLLAR DEPOSITS WITH AUTHORISED INSTITUTIONS PICKED UP FURTHER BY 2.5% IN APRIL. YEAR-ON-YEAR, IT GREW BY 22.3%.
WITH THE NARROWING OF THE INTEREST RATE DIFFERENTIAL BETWEEN HONG KONG DOLLAR DEPOSITS AND SWAP DEPOSITS AFTER THE INCREASE OF THE HONG KONG ASSOCIATION OF BANKS DEPOSIT RATES IN LATE MARCH, THE SHARP GROWTH IN FOREIGN CURRENCY SWAP DEPOSITS RECORDED IN MARCH (+9.4%) MODERATED IN APRIL (+1.9%).
FOREIGN CURRENCY DEPOSITS ROSE MODERATELY IN APRIL BY 1.0%. THE AMOUNT OF FOREIGN CURRENCY DEPOSITS IS MARGINALLY BELOW THE LEVEL ONE YEAR AGO. ITS PROPORTION IN TOTAL DEPOSITS FELL TO 48.9%, THE LOWEST LEVEL AMONGST THE LAST THREE MONTHS.
HK$ M1 REGISTERED LITTLE CHANGE IN APRIL AS THE RISE IN HONG KONG DOLLAR DEMAND DEPOSITS (+2.5%) OFFSET THE FALL IN LEGAL TENDER NOTES AND COINS HELD BY THE PUBLIC (−3.9%),
THE REDUCTION IN PUBLIC'S CASH HOLDING WAS DUE ΤΟ THE HIGH COMPARISON BASE AT THE END OF MARCH BEFORE THE EASTER HOLIDAY BREAK. YEAR-ON-YEAR, IT GREW BY 15.3%.
2.2%
THE BROADEST DEFINITION OF LOCAL MONEY SUPPLY, HK$ M3 ROSE BY DURING APRIL.
ITS ANNUAL GROWTH IN APRIL (+22.6%) WAS HIGHER THAN THAT IN MARCH (+19.5%), BUT IT HAS SLOWED DOWN CONSIDERABLY FROM THE GROWTH OF 25.2% TO 46.5% RECORDED BETWEEN NOVEMBER 1993 AND FEBRUARY 1994.
TOTAL M1 INCREASED BY 17.6% AS COMPARED WITH THE SAME MONTH LAST YEAR.
BECAUSE OF THE SLUGGISH GROWTH IN FOREIGN CURRENCY DEPOSITS, TOTAL M2 AND M3 HAD SLOWER GROWTH THAN THEIR CORRESPONDING HONG KONG DOLLAR COUNTERPARTS.
THEIR RESPECTIVE ANNUAL GROWTH RATES WERE 11.2% AND 11.8%, IN LINE WITH THE OVERALL ECONOMIC GROWTH.
AUTHORISED
TOTAL OUTSTANDING LOANS AND ADVANCES EXTENDED BY INSTITUTIONS INCREASED BY 1.8% IN APRIL. AMONGST THESE LOANS, HONG KONG DOLLAR LOANS INCREASED BY 1.6% DURING APRIL.
/THE YEAR-ON-YEAR
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