XN000022-1982-03-11 — Page 4

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THURSDAY, MARCH 11, 1982

MONEY SUPPLY

THE MONEY SUPPLY ON THE NARROWEST DEFINITION, M1-TOTAL, ROSE IN JANUARY BY 8.9 PER CENT AND HK$M1 BY 8.6 PER CENT, AFTER HAVING RISEN BY, RESPECTIVELY, 4.3 PER CENT AND 3.7 PER CENT IN DECEMBER.

THE PRINCIPAL FACTOR HERE WAS A RISE OF 22.2 PER CENT IN NOTES AND COINS HELD BY THE PUBLIC BEFORE THE LUNAR NEW YEAR FESTIVAL.

THE MONEY SUPPLY ON THE BROADER DEFINITIONS, HOWEVER, INCREASED IN JANUARY BY LESS THAN IN DECEMBER, WITH M2-TOTAL UP BY 3.1 PER CENT AND M3-TOTAL BY 2.3 PER CENT, COMPARED WITH THE INCREASES OF 5.2 PER CENT AND 2.8 PER CENT RESPECTIVELY IN DECEMBER.

IN THE LAST THREE MONTHS THE GROWTH RATES OF M1-TOTAL AND M2-TOTAL AT, RESPECTIVELY, 15.9 PER CENT AND 11.2 PER CENT, WERE WELL UP FROM THE IR INCREASES OF 0.3 PER CENT AND 3.2 PER CENT IN THE PREVIOUS THREE MONTHS. IN THE LAST THREE MONTHS M3 GREW BY 6.0 PER CENT, COMPARED WITH A 5.8 PER CENT RISE IN THE PREVIOUS THREE MONTHS.

LOANS FOR USE IN HONG KONG

LOANS BY BANKS AND DEPOSIT-TAKING COMPANIES FOR USE IN HONG KONG ROSE IN JANUARY BY 2.5 PER CENT, AFTER AN INCREASE OF 4.1 PER CENT IN DECEMBER. IN THE LAST THREE MONTHS,

IN THE LAST THREE MONTHS, TOTAL LOANS FOR USE IN HONG KONG GREW BY 9.7 PER CENT, AGAINST AN INCREASE OF 9.2 PER CENT IN THE PREVIOUS THREE MONTHS.

LOANS BY BANKS FOR USE IN HONG KONG ROSE IN JANUARY BY 2.5 PER CENT, AFTER RISING BY 4.0 PER CENT IN DECEMBER, AND SIMILAR LOANS BY DÉPOSIT-TAKING COMPANIES ROSE BY 2.6 PER CENT, FOLLOWING A RISE OF 4.2 PER CENT IN THE PREVIOUS MONTH. IN THE LAST THREE MONTHS, THE GROWTH RATE OF LOANS BY BANKS FOR USE IN HONG KONG, AT 9.9 PER CENT, WAS UP FROM THAT OF 7.0 PER CENT IN THE PREVIOUS THREE MONTHS BUT THE GROWTH OF LOANS BY DTCS FOR USE IN HONG KONG, AT 9.4 PER CENT, WAS DOWN FROM THAT OF 15.3 PER CENT IN THE PREVIOUS THREE MONTHS.

FOREIGN CURRENCY ASSETS

THE NET FOREIGN CURRENCY ASSETS OF ALL BANKS FELL IN JANUARY BY $85MN. AND THOSE OF DTCS BY $452MN., INDICATING A NET OUTFLOW OF FUNDS FROM THE HONG KONG MONETARY SECTOR OF $537MN., COMPARED WITH A NET INFLOW OF $653MN. IN THE PREVIOUS MONTH. IN THE LAST THREE MONTHS THE NET OUTFLOW OF FUNDS FROM HONG KONG AMOUNTED TO $2 370MN., AFTER A NET INFLOW OF $2 741MN, IN THE PREVIOUS THREE MONTHS.

BALANCE SHEET