XN000022-1982-01-07 — Page 3

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THURSDAY, JANUARY 7, 1982

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MONEY SUPPLY AND FINANCIAL STATISTICS

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THE MONEY SUPPLY AND FINANCIAL STATISTICS FOR NOVEMBER 1981 ARE PUBLISHED TODAY.

THE MONEY SUPPLY (ON THE BROADEST DEFINITIONS) ROSE IN NOVEMBER BY LESS THAN IN OCTOBER, THOUGH TOTAL CREDIT TO THE ECONOMY INCREASED IN NOVEMBER FASTER THAN IN THE PREVIOUS MONTH, AS DOMESTIC INTEREST RATES WERE REDUCED.

IN THE THREE MONTHS ENDING NOVEMBER 1981 HK$M3 ROSE BY 1.8 PER CENT, WHILE LOANS FOR USE IN HONG KONG ROSE BY 7.4 PER CENT. THESE GROWTH RATES WERE SLIGHTLY LOWER THAN THOSE OF THE PREVIOUS THREE MONTHS (2.5 PER CENT AND 7.8 PER CENT RESPECTIVELY), AND EQUIVALENT TO AN ANNUAL GROWTH RATE OF SOME 7 PER CENT IN HK$M3, AND OF SOME 33 PER CENT IN LOANS FOR USE IN HONG KONG.

TABLE 1 BELOW SETS OUT THE DETAILED FIGURES FOR

NOVEMBER 1981, AND FOR EARLIER MONTHS, FROM THE NEW SERIES OF STATISTICS NOW BEING COLLECTED UNDER THE MONETARY STATISTICS ORDINANCE 1980. THE NEW SERIES IS BEING PUBLISHED EACH MONTH.

TABLE 2 BELOW SETS OUT THE FIGURES FOR NOVEMBER 1981 FROM THE ORIGINAL SERIES OF MONEY AND BANKING FIGURES, COLLECTED BY THE COMMISSIONER OF BANKING/COMMISSIONER OF DEPOSIT-TAKING COMPANIES.

MONEY SUPPLY NEW SERIES

THE MONEY SUPPLY ON THE BROADEST DEFINITIONS IN THE NEW SERIES ROSE ONLY SLIGHTLY IN NOVEMBER, WITH M3 - TOTAL UP BY 0.8 PER CENT AND HK$M3 UP BY 0.4 PER CENT, COMPARED WITH THE INCREASES OF 1.5 PER CENT AND 1.2 PER CENT RESPECTIVELY IN OCTOBER. DEPOSITS WITH BANKS ROSE BY 2.7 PER CENT IN THE MONTH, WHILE DEPOSITS WITH DEPOSIT-TAKING COMPANIES FELL BY 2.1 PER CENT.

LOANS FOR USE IN HONG KONG NEW SERIES

LOANS BY BANKS AND DEPOSIT-TAKING COMPANIES FOR USE IN HONG KONG ROSE IN NOVEMBER BY 2.8 PER CENT, COMPARED WITH AN INCREASE OF 0.9 PER CENT IN OCTOBER. LOANS BY BANKS FOR USE IN HONG KONG ROSE IN NOVEMBER BY 3.0 PER CENT, AFTER REMAINING UNCHANGED IN OCTOBER, WHILE LOANS BY DTCS ROSE BY 2.3 PER CENT, FOLLOWING A RISE OF 3.1 PER CENT IN THE PREVIOUS MONTH.

FOREIGN ASSETS

THE NET IDENTIFIABLE FOREIGN ASSETS OF ALL BANKS (CALCULATED FROM THE ORIGINAL SERIES OF STATISTICS) FELL IN NOVEMBER BY $570 MN. AND THOSE OF DTCS FELL BY $686 MN., INDICATING A NET OUTFLOW OF FUNDS FROM THE HONG KONG MONETARY SECTOR OF $1 256 MN., AFTER A NET INFLOW OF $695 MN. IN THE PREVIOUS MONTH.

/BALANCE SHEET

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