13
THURSDAY, JUNE 30, 1994
MONETARY STATISTICS FOR MAY 1994
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HK$M3 GREW STEADILY BY 2.1% IN MAY 1994, COMPARED WITH A SIMILAR RATE OF 2.2% IN APRIL, ACCORDING TO STATISTICS PUBLISHED TODAY (THURSDAY) BY THE HONG KONG MONETARY AUTHORITY.
IT INCREASED BY 23.5% YEAR-ON-YEAR, STILL CONSIDERABLY LOWER THAN THE GROWTH RECORDED IN END 1993 AND EARLY 1994.
DEPOSITS
THE OVERALL GROWTH OF HONG KONG DOLLAR DEPOSITS WITH AUTHORISED INSTITUTIONS REMAINED STABLE AT 2.3% IN MAY, WITH SAVINGS DEPOSITS AND DEMAND DEPOSITS FALLING BY 0.3% AND 6.0% RESPECTIVELY AND TIME DEPOSITS RISING BY 5.5% IN RESPONSE TO HIGHER INTEREST OFFERED BY BANKS TO ATTRACT DEPOSITS OF LONGER MATURITY TERMS.
FOREIGN CURRENCY SWAP DEPOSITS RECORDED A MARKED INCREASE 7.5% IN MAY, ATTRIBUTABLE TO THE RISE IN SWAP DEPOSIT RATES IN FIRST HALF OF THE MONTH IN EXPECTATION OF A FURTHER INCREASE IN U.S. DOLLAR INTEREST RATES.
OF
THE
THE
HOWEVER, THE RISE IN HONG KONG DOLLAR DEPOSIT RATES GOVERNED BY THE HONG KONG ASSOCIATION OF BANKS ON MAY 23 NARROWED THE INTEREST RATE DIFFERENTIAL BETWEEN HONG KONG DOLLAR DEPOSITS AND SWAP DEPOSITS. THE GROWTH IN SWAP DEPOSITS IS LIKELY TO MODERATE IN JUNE.
THE PROGRESSIVE FALL IN THE INTEREST RATES OF SOME MAJOR FOREIGN CURRENCIES CAUSED A 4.0% DECREASE IN THE NON-U.S. DOLLAR FOREIGN CURRENCY DEPOSITS.
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AS A RESULT, TOTAL FOREIGN CURRENCY DEPOSITS DECREASED BY 1.5% DURING THE MONTH, 2.0% LOWER THAN THAT OF ONE YEAR EARLIER.
MONEY SUPPLY
CONTRIBUTED MAINLY BY THE
HK$M1 DECLINED BY 4.2% IN MAY, CONSIDERABLE FALL IN DEMAND DEPOSITS (-6.0%).
LEGAL TENDER NOTES AND COINS HELD BY THE PUBLIC ALSO FELL 1.4% DURING THE MONTH. AFTER THREE CONSECUTIVE MONTIIS OF DECREASE, ITS YEAR-ON-YEAR GROWTH MODERATED NOTABLY TO 13.1%.
BY
THE BROADCAST DEFINITION OF LOCAL MONEY SUPPLY, HK$M3 ROSE BY 2.1% DURING MAY. ITS ANNUAL GROWTH PICKED UP SLIGHTLY TO 23.5% FROM 19.5% IN MARCH, BUT STILL SLOWER THAN THE GROWTH RATES OF 25.2% TO 46.5% RECORDED BETWEEN NOVEMBER 1993 AND FEBRUARY 1994.
/HK$M2 DISPLAYED