XN000022-1984-04-06 — Page 2

FRIDAY, APRIL 6, 1984

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FEBRUARY MONETARY STATISTICS OUT

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HONG KONG DOLLAR DEPOSITS CONTINUED TO GROW FOR THE FIFTH CONSECUTIVE MONTH FOLLOWING THE STABILISATION OF THE HONG KONG DOLLAR EXCHANGE RATE LAST OCTOBER, ACCORDING TO MONETARY STATISTICS FOR FEBRUARY 1984 RELEASED TODAY.

FOREIGN CURRENCY DEPOSITS FELL MODESTLY DURING THE MONTH.

THE TOTAL MONEY SUPPLY ON THE NARROWEST DEFINITION FELL SUBSTANTIALLY, REFLECTING MAINLY A REDUCTION IN THE PUBLIC'S CASH HOLDING AFTER THE LUNAR NEW YEAR HOLIDAYS.

THE TOTAL MONEY SUPPLY ON BROADER DEFINITIONS RECORDED MODERATE INCREASES, WITH THE INCREASE IN THE HONG KONG DOLLAR COMPONENTS MORE THAN OFFSETTING THE DECLINE IN THE FOREIGN CURRENCY COMPONENTS.

LOANS FOR USE IN HONG KONG, INCLUDING THOSE FOR FINANCING VISIBLE TRADE OF HONG KONG, SHOWED SOME INCREASE DURING THE MONTH.

A TABLE WHICH SETS OUT SUMMARY FIGURES FOR FEBRUARY 1984 AND COMPARISONS WITH EARLIER MONTHS, WILL BE TRANSMITTED BY FACSIMILE AND BOXED FOR COLLECTION.

DEPOSITS

HONG KONG DOLLAR DEPOSITS CONTINUED TO GROW RAPIDLY BY 6.5 PER CENT FOLLOWING AN INCREASE OF 5.1 PER CENT IN JANUARY. IN THE THREE MONTHS TO FEBRUARY, THEY INCREASED BY 16.5 PER CENT AND OVER THE 12 MONTHS TO FEBRUARY, THE INCREASE WAS BY 26.4 PER CENT.

FOREIGN CURRENCY DEPOSITS FELL BY 1.2 PER CENT FOLLOWING AN INCREASE OF 0.9 PER CENT IN JANUARY. IN THE THREE MONTHS TO FEBRUARY, THEY ROSE BY 2.1 PER CENT AND THE INCREASE OVER THE 12 MONTHS WAS 33.7 PER CENT.

THEHESE FIGURES SHOW CONTINUED CONFIDENCE IN THE HONG KONG

DOLLAR.

HONG KONG DOLLAR MONEY SUPPLY

THE NARROWEST DEFINITION OF HONG KONG DOLLAR MONEY SUPPLY, HK$M1, FELL BY 8.2 PER CENT IN FEBRUARY, AGAINST THE 17.8 PER CENT RISE IN JANUARY. THIS CONTRACTION REFLECTED A REDUCTION IN THE PUBLIC'S CASH HOLDING AFTER THE LUNAR NEW YEAR HOLIDAYS.

HK$M2 AND HK$M3 CONTINUED TO GROW RAPIDLY, BY 5.6 PER CENT AND 4.3 PER CENT RESPECTIVELY, FOLLOWING THE CORRESPONDING GROWTH RATES IN JANUARY OF 7.6 PER CENT AND 6.8 PER CENT.

IN THE THREE MONTHS TO FEBRUARY, HK$M1 ROSE BY 10.6 PER CENT HK$M2 AND HK$M3 ROSE BY 17.8 PER CENT AND 15.8 PER CENT RESPECTIVELY. OVER THE 12 MONTHS, THE CORRESPONDING GROWTH RATES WERE 10.6 PER CENT, 27.3 PER CENT AND 23.9 PER CENT.

/TOTAL MONEY