XN000022-1982-02-11 — Page 2

THURSDAY, FEBRUARY 11, 1982

MONEY SUPPLY AND FINANCIAL STATISTICS: DECEMBER 1981

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

THERE WAS AN INCREASE DURING THE MONTH IN THE GROWTH RATES OF THE MONEY SUPPLY, ON ALL DEFINITIONS, AND OF LOANS FOR USE IN HONG KONG BY BANKS AND DEPOSIT-TAKING COMPANIES TOGETHER,

THE INCREASE WAS PARTLY ON SEASONAL GROUNDS, REFLECTING THE INFLUENCES OF CHRISTMAS AND THE NEW YEAR AND THE CREDITING OF HALF-YEARLY INTEREST TO SAVINGS ACCOUNTS WITH BANKS AND THERE WAS ALSO A DEMAND FOR CREDIT TO COVER PAYMENTS IN RESPECT OF FIVE CAPITAL ISSUES ON THE STOCK EXCHANGES.

IN 1981, THE MONEY SUPPLY ON THE BROADEST DEFINITIONS, TOTAL M3, ROSE BY 27 PER CENT, WHILE HK$M3 ROSE BY 21 PER CENT.

LOANS FOR USE IN HONG KONG BY BANKS AND DEPOSIT-TAKING COMPANIES ROSE BY 45 PER CENT,

COMPARABLE FIGURES FOR 1980 ARE NOT AVAILABLE IN THE NEW SERIES OF MONETARY STATISTICS. ON THE ORIGINAL SERIES OF STATISTICS THE GROWTH OF THE MONEY SUPPLY, M3, FELL FROM 40 PER CENT IN 1980 TO 29 PER CENT IN 1981, WHILE THE GROWTH OF LOANS IN HONG KONG BY BANKS AND DEPOSIT-TAKING COMPANIES FELL FROM 64 PER CENT IN 1980 TO 41 PER CENT IN 1981.

THE QUARTERLY ANALYSIS OF LOANS AND ADVANCES IN HONG KONG BY SECTOR (IN THE ORIGINAL SERIES OF STATISTICS) SHOWS THAT LOANS TO FIRMS IN THE MANUFACTURING SECTOR GREW BY 35 PER CENT IN 1981, FOLLOWING AN INCREASE OF 41 PER CENT DURING 1980. LOANS TO THE TRANSPORT AND TRANSPORT EQUIPMENT SECTOR ROSE BY ONLY NINE PER CENT, WELL DOWN FROM A RISE OF 48 PER CENT IN THE PREVIOUS YEAR.

THE GROWTH OF LOANS AND ADVANCES TO FIRMS IN THE BUILDING AND CONSTRUCTION INDUSTRY FELL FROM 94 PER CENT IN 1980 TO 75 PER CENT IN 1981, WHILE THE GROWTH OF LOANS TO INDIVIDUALS TO PURCHASE RESIDENTIAL PROPERTY WAS ALMOST UNCHANGED AT 33 PER CENT IN 1981, AS COMPARED TO 35 PER CENT IN 1980.

TABLE 1 (BOXED) SETS OUT THE DETAILED FIGURES FOR DECEMBER 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 (BOXED) SETS OUT THE FIGURES FOR DECEMBER 1981 FROM THE ORIGINAL SERIES OF MONEY AND BANK ING FIGURES, COLLECTED BY THE COMMISSIONER OF BANKING/COMMISSIONER OF DEPOSIT-TAKING COMPANIES (THIS IS THE LAST MONTH FOR WHICH THIS SERIES WILL BE PUBLISHED). TABLE 3 (BOXED) SETS OUT SOME SELECTED FIGURES FROM THE QUARTERLY ANALYSIS OF LOANS AND ADVANCES IN HONG KONG BY SECTOR.

SOME FIGURES FOR PREVIOUS MONTHS IN THE NEW SERIES HAVE BEEN REVISED.

/MONEY SUPPLY