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TUESDAY, AUGUST 25, 1981
NEW SERIES OF MONETARY STATISTICS
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THE GOVERNMENT TODAY PUBLISHED FIGURES FOR THE SIX MONTHS FROM DECEMBER 1980 TO JUNE 1981 IN A NEW SERIES OF MONETARY STATISTICS.
FOUR TABLES, WITH AN EXPLANATORY NOTE SETTING OUT THE PRINCIPAL DIFFERENCES BETWEEN THE NEW SERIES OF STATISTICS AND THOSE CURRENTLY AVAILABLE, HAVE BEEN PLACED SEPARATELY IN GIS PRESS BOXES.
THE TABLES COVER THE MONEY SUPPLY, SELECTED ITEMS FROM BANKS' AND DEPOSIT-TAKIN COMPANIES' BALANCE SHEETS, AND SELECTED DATA ON MONEY MARKET L. BILITIES.
A GOVERNMENT SPOKESMAN SAID THAT THE FIGURES IN THESE TABLES WERE EXTRACTED FROM THE NEW STATISTICAL RETURNS WHICH ALL BANKS AND DEPOSIT-TAKING COMPANIES HAD BEEN SUBMITTING TO THE SECRETARY FOR MONETARY AFFAIRS EACH MONTH FROM DECEMBER 1980, UNDER THE PROVISIONS OF THE MONETARY STATISTICS ORDINANCE 1980.
A RUN OF ONLY SIX MONTHS' FIGURES IN AN ENTIRELY NEW SERIES WAS TOO SHORT TO ENABLE ANY FIRM CONCLUSIONS TO BE DRAWN FROM THE FIGURES, HE SAID.
THIS WAS PARTICULARLY THE CASE BECAUSE THE SITUATION REVEALED BY THE FIGURES WAS MORE COMPLEX THAN HAD BEEN APPARENT FROM THE FIGURES HITHERTO AVAILABLE, IN MATTERS SUCH AS THE INCREASING PROPORTION OF THE MONEY SUPPLY WHICH WAS ACCOUNTED FOR BY DEPOSITS DENOMINATED IN FOREIGN CURRENCIES. THE PROPORTION OF LOANS FOR USE IN HONG KONG MADE IN FOREIGN CURRENCIES, AND THE PROPORTION OF LOANS FOR USE OUTSIDE HONG KONG MADE IN HONG KONG DOLLARS.
THE FIGURES WERE NONETHELESS BEING PUBLISHED NOW FOR GENERAL INTEREST.
THE NEW STATISTICS WOULD BE PUBLISHED EACH MONTH FROM NOW ON, WHILE THE MONTHLY FIGURES IN THE EXISTING SERIES WOULD BE PUBLISHED MONTHLY UNTIL DECEMBER 1981. THEREAFTER ONLY THE NEW STATISTICAL SERIES WOULD BE PUBLISHED.
IN THAT WAY, HE SAID, A FULL YEAR'S OVERLAP OF THE TWO SERIES WOULD BE OBTAINED.
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