XN000022-1984-07-03 — Page 2

TUESDAY, JULY 3, 1994

MAY MONETARY STATISTICS RELEASED

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HONG KONG DOLLAR MONEY SUPPLY ON ALL DEFINITIONS DECLINED IN MAY THIS YEAR, BUT TOTAL MONEY SUPPLY ON THE BROADER DEFINITIONS, M2 AND M3, INCREASED, ACCORDING TO MONETARY STATISTICS PUBLISHED TODAY.

WHILE LOANS TO FINANCE VISIBLE TRADE OF HONG KONG AGAIN GREW AT A SIGNIFICANT PACE, OTHER LOANS FOR USE IN HONG KONG RECORDED ONLY A MARGINAL RATE OF INCREASE.

DEPOSITS

HONG KONG DOLLAR DEPOSITS FELL BY 1.1 PER CENT IN MAY. IN THE THREE MONTHS TO MAY, HONG KONG DOLLAR DEPOSITS DECLINED BY 3.3 PER CENT, BUT OVER THE 12 MONTHS INCREASED BY 26.5 PER CENT.

BY CONTRAST, FOREIGN CURRENCY DEPOSITS CONTINUED TO RISE SUBSTANTIALLY, BY 5.3 PER CENT, IN THE THREE MONTHS TO MAY THE INCREASE WAS 16.5 PER CENT AND OVER THE 12 MONTHS, 36.7 PER CENT.

HONG KONG DOLLAR MONEY SUPPLY

HONG KONG DOLLAR MONEY SUPPLY ON ALL DEFINITIONS FELL. WHILE HK$M1 (THE NARROWEST DEFINITION) DECREASED BY 5.6 PER CENT, HK$M2 FELL BY 3.5 PER CENT AND HK$M3 BY 1.2 PER CENT. THEIR CORRESPONDING DECREASES IN APRIL WERE 1.7 PER CENT, 3.4 PER CENT AND 1.6 PER CENT.

IN THE THREE MONTHS TO MAY, HK$M1, HK$M2 AND HK$M3 FELL

BY 2.9 PER CENT, 7.2 PER CENT AND 3.4 PER CENT RESPECTIVELY. OVER THE 12 MONTHS, THEY SHOWED INCREASES OF 12.9 PER CENT, 21.9 PER CENT AND 24.3 PER CENT RESPECTIVELY.

TOTAL MONEY SUPPLY

TOTAL M1 FELL BY 5.1 PER CENT FOLLOWING A MARGINAL DECREASE OF 0.5 PER CENT IN APRIL. TOTAL M2 SHOWED A SLIGHT INCREASE OF 0.4 PER CENT AFTER REMAINING UNCHANGED IN APRIL. TOTAL M3 GREW BY 1.7 PER CENT COMPARED WITH A GROWTH OF 1.4 PER CENT IN APRIL.

IN THE THREE MONTHS TO MAY, TOTAL M1 FELL BY 1.9 PER CENT BUT TOTAL M2 AND TOTAL M3 GREW BY 2.8 PER CENT AND 5 PER CENT RESPECTIVELY.

OVER THE 12 MONTHS, THE CORRESPONDING GROWTH RATES WERE 14.6 PER CENT, 25.3 PER CENT AND 29.6 PER CENT.

/LOANS AND