XN000022-1983-01-06 — Page 7

THURSD

RY 6, 1983

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NOVEMBER MONEY SUPPLY AND FINANCIAL STATISTICS

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TOTAL MONEY SUPPLY ON ALL DEFINITIONS FELL SLIGHTLY DURING NOVEMBER LAST YEAR, ACCORDING TO THE MONEY SUPPLY AND FINANCIAL STATISTICS FOR THE MONTH PUBLISHED TODAY,

LOANS AND ADVANCES TO FINANCE HONG KONG'S VISIBLE TRADE ALSO FELL SLIGHTLY BUT OTHER LOANS FOR USE IN HONG KONG INCREASED.

CUSTOMERS' DEPOSITS WITH DEPOSIT-TAKING COMPANIES INCREASED WHILE THOSE WITH BANKS FELL. ONE REASON FOR THIS RELATIVE SHIFT OF DEPOSITS WAS THE WIDENED DIFFERENTIAL BETWEEN DEPOSIT RATES OFFERED BY BANKS AND DEPOSIT-TAKING COMPANIES IN FAVOUR OF THE LATTER.

TABLE 1 (ATTACHED) SETS OUT SUMMARY FIGURES FOR NOVEMBER 1982 AND COMPARISONS WITH EARLIER MONTHS.

HONG KONG DOLLAR MONEY SUPPLY

THE HONG KONG DOLLAR MONEY SUPPLY ON THE NARROWEST DEFINITION (HK$M1) FELL MARGINALLY BY 0.1 PER CENT IN NOVEMBER AFTER THE 1.0 PER CENT FALL IN OCTOBER. HKSM2 FELL BY 1.0 PER CENT IN NOVEMBER AND HKSM3 BY 0.5 PER CENT, COMPARED WITH FALLS OF RESPECTIVELY 0.3 PER CENT AND 0.6 PER CENT IN THE PREVIOUS MONTH.

IN THE THREE MONTHS TO NOVEMBER, HK M1 ROSE BY 4.2 PER CENT, HK$M2 BY 2.9 PER CENT AND HKSM3 BY 0.1 PER CENT. IN THE TWELVE MONTHS TO NOVEMBER, THE CORRESPONDING GROWTH RATES WERE 9.7 PER CENT, 28.5 PER CENT AND 3.5 PER CENT.

TOTAL (ALL CURRENCIES) MONEY SUPPLY

TOTAL M1 FELL BY 1.5 PER CENT, TOTAL M2 BY 0.7 PER CENT AND TOTAL M3 BY 0.2 PER CENT IN NOVEMBER, IN CONTRAST WITH INCREASES IN OCTOBER OF RESPECTIVELY 1.4 PER CENT, 3.8 PER CENT AND 3.1 PER CENT. IN THE THREE MONTHS TO NOVEMBER, TOTAL Mi ROSE BY 6.2 PER CENT, TOTAL M2 BY 9.5 PER CENT AND TOTAL MO BY 7.2 PER CENT. DURING THE TWELVE MONTHS TO NOVEMBER THESE THREE AGGREGATES ROSE BY 16.4 PER CENT, 81.2 PER CENT AND 43.3 PER CENT RESPECTIVELY.

LOANS AND ADVANCES

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TOTAL LOANS AND ADVANCES EXTENDED BY BANKS AND DEPOSIT-TAKING COMPANIES ROSE MODESTLY BY 0.8 PER CENT IN NOVEMBER AFTER THE FAIRLY SHARP RISE OF 4.1 PER CENT IN OCTOBER, IN THE THREE MONTHS TO NOVEMBER THE INCREASE WAS 7.5 PER CENT, AND OVER THE TWELVE MONTHS 31.7 PER CENT. WITHIN THE TOTAL, LOANS TO FINANCE HONG KONG'S VISIBLE TRADE FELL BY 0.4 PER CENT. OTHER LOANS FOR USE IN HONG KONG, WHICH REPRESENTED 56.7 PER CENT OF THE TOTAL, INCREASED BY 0.9 PER CENT. THE GROWTH RATE OF THESE LOANS HAS BEEN SLOWING DOWN. IN THE THREE MONTHS TO NOVEMBER THE INCREASE WAS 6 PER CENT AND OVER TWELVE MONTHS THE INCREASE WAS 34.6 PER CENT.

POREMEN CTAEY

CUL

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