XN000022-1983-03-07 — Page 5

MONDAY, MARCH 7, 1983

3

4

JANUARY MONEY SUPPLY AND FINANCIAL STATISTICS

*****

MONEY SUPPLY ON ALL DEFINITIONS GREW IN JANUARY 1983, ACCORDING TO MONEY SUPPLY AND FINANCIAL STATISTICS FOR THE MONTH PUBLISHED TODAY (MONDAY).

WITH DEMAND DEPOSITS AND THE CURRENCY CIRCULATION BOTH GROWING RAPIDLY, AS IS TYPICAL AHEAD OF THE LUNAR NEW YEAR, THE NARROWEST DEFINITION OF MONEY SUPPLY, M1, GREW FASTER THAN THE BROADER DEFINITIONS, M2 AND M3.

DEPOSITS IN BOTH HONG KONG DOLLARS AND FOREIGN CURRENCIES GREW FASTER IN JANUARY THAN IN DECEMBER LAST YEAR. FOREIGN CURRENCY DEPOSITS CONTINUED TO GROW FASTER THAN HONG KONG DOLLAR DEPOSITS. DEPOSITS WITH REGISTERED DEPOSIT-TAKING COMPANIES DECREASED SUBSTANTIALLY IN JANUARY WHILE THOSE WITH BANKS AND LICENSED DEPOSIT- TAKING COMPANIES INCREASED.

TOTAL LOANS AND ADVANCES EXTENDED BY BANKS AND DEPOSIT-TAKING COMPANIES CONTINUED TO GROW IN JANUARY AT A MODERATE RATE.

AMONG

THE VARIOUS TYPES OF LOANS DISTINGUISHED, THOSE FOR USE IN HONG KONG (OTHER THAN TO FINANCE HONG KONG'S VISIBLE TRADE) RECORDED THE HIGHEST GROWTH.

A STATISTICAL TABLE (ATTACHED) SETS OUT SUMMARY FIGURES

FOR JANUARY 1983 AND COMPARISONS WITH EARLIER MONTHS.

HONG KONG DOLLAR MONEY SUPPLY

FOR THE HK$ MONEY SUPPLY ON ALL DEFINITIONS ROSE IN JANUARY. NARROWER DEFINITIONS, HK$M1 AND HK$M2, GROWTH RATES WERE HIGHER THAN THOSE IN DECEMBER. HK$M1 GREW RAPIDLY, BY 4.8 PER CENT, AND HK$M2 BY THREE PERCENT, COMPARED WITH CORRESPONDING RATES OF 3.9 PER CENT AND 2.6 PER CENT IN DECEMBER 1982. HKSM3 INCREASED BY 1.7 PER CENT, THE SAME AS THE INCREASE RECORDED IN DECEMBER.

IN THE THREE MONTHS TO JANUARY, HK$M1 ROSE BY 8.9 PER CENT, HK$M2 BY 4.6 PER CENT AND HK$M3 BY THREE PER CENT. IN THE 12 MONTHS TO JANUARY, THE CORRESPONDING GROWTH RATES WERE 6.1 PER CENT, 25.8 PER CENT AND 2.2 PER CENT.

TOTAL MONEY SUPPLY

TOTAL M1 GREW RAPIDLY, BY 5.3 PER CENT, IN JANUARY AFTER FALLING

TOTAL M2 AND TOTAL M3 GREW BY FOUR BY 2.2 PER CENT IN DECEMBER. PER CENT AND 2.9 PER CENT RESPECTIVELY, COMPARED WITH THE CORRESPONDING RATES OF 2.8 PER CENT AND 2.1 PER CENT IN DECEMBER.

IN THE THREE MONTHS TO JANUARY, TOTAL M1 GREW BY 1.5 PER CENT,

IN THE 12 TOTAL M2 BY 6.2 PER CENT AND TOTAL M3 BY 4.8 PER CENT, MONTHS TO JANUARY, THE CORRESPONDING GROWTH RATES WERE 5.5 PER CENT, 78.6 PER CENT AND 43.1 PER CENT.

/LOANS AND