XN000022-1984-11-30 — Page 6

DEPOSITS

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FRIDAY, NOVEMBER 30, 1984

HONG KONG DOLLAR DEPOSITS RECORDED THE THIRD CONSECUTIVE MONTHLY INCREASE, RISING BY 2.5 PER CENT IN OCTOBER. THE INCREASE IN SEPTEMBER WAS 1.4 PER CENT. OVER THE THREE MONTHS TO OCTOBER, THESE DEPOSITS ROSE BY 6.6 PER CENT, AND OVER THE TWELVE MONTHS, 28.4 PER CENT. FOREIGN CURRENCY DEPOSITS ALSO GREW, BY 2.4 PER CENT IN OCTOBER, AFTER A FALL OF 0.8 PER CENT IN THE PREVIOUS MONTH. THEY RECORDED INCREASES OF 2.1 PER CENT FOR THE THREE MONTHS AND 24.2 PER CENT FOR THE TWELVE MONTHS TO OCTOBER RESPECTIVELY.

TOTAL DEPOSITS WITH BANKS CONTINUED TO GROW, BY 3.1 PER CENT IN OCTOBER, FOLLOWING A RISE OF 0.8 PER CENT IN SEPTEMBER. TOTAL DEPOSITS WITH DEPOSIT-TAKING COMPANIES ROSE ONLY MARGINALLY BY 0.1 PER CENT, AFTER A DECLINE OF 1.5 PER CENT IN THE MONTH BEFORE. THE CONTINUED EASING IN INTERBANK RATES HAS PROBABLY RESULTED IN A SHIFT OF DEPOSITS BACK TO BANKS FROM DEPOSIT-TAKING COMPANIES. REFLECTING THIS, TOTAL DEPOSITS WITH BANKS WERE 5.8 PER CENT HIGHER IN THE THREE MONTHS TO OCTOBER, WHILE THOSE WITH DEPOSIT-TAKING COMPANIES FELL BY 0.7 PER CENT.

HONG KONG DOLLAR MONEY SUPPLY

HONG KONG DOLLAR MONEY SUPPLY ON ALL DEFINITIONS ROSE, WITH HK$M1 (THE NARROWEST DEFINITION) RISING BY 1.5 PER CENT, AND THE BROADER DEFINITIONS HK$M2 AND HK$M3 BY 3.7 PER CENT AND 2.3 PER CENT RESPECTIVELY. THE CORRESPONDING GROWTH RATES IN SEPTEMBER WERE 5.2 PER CENT, 1.5 PER CENT AND 1.3 PER CENT.

IN THE THREE MONTHS TO OCTOBER, INCREASES OF 8.7 PER CENT, 8.8 PER CENT AND 6.4 PER CENT WERE RECORDED FOR HK$M1, HK$M2 AND HK$M3 RESPECTIVELY. THE CORRESPONDING INCREASES OVER THE TWELVE MONTHS WERE 10.3 PER CENT, 21.2 PER CENT AND 25.9 PER CENT.

TOTAL MONEY SUPPLY

TOTAL M1 DECREASED MARGINALLY BY 0.1 PER CENT, IN CONTRAST TO AN INCREASE OF 5.4 PER CENT IN SEPTEMBER. HOWEVER, TOTAL M2 CONTINUED TO RISE, BY 2.9 PER CENT, AND TOTAL M3 BY 2.3 PER CENT, FOLLOWING INCREASES OF 0.8 PER CENT AND 0.3 PER CENT RESPECTIVELY IN SEPTEMBER. THE CORRESPONDING GROWTH RATES OVER THE THREE MONTHS TO OCTOBER WERE 7.4 PER CENT, 5.6 PER CENT AND 4.2 PER CENT- AND OVER THE TWELVE MONTHS, 10.6 PER CENT, 19.0 PER CENT AND 25.1 PER CENT RESPECTIVELY.

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