XN000022-1985-01-02 — Page 3

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WEDNESDAY, JANUARY 2, 1985

WHILE HK$M1 (THE NARROWEST DEFINITION) ROSE BY 4.3 PER CENT, THE BROADER DEFINITIONS HK$M2 AND HK$M3 WERE UP BY 6.4 PER CENT AND 4.5 PER CENT RESPECTIVELY. THE CORRESPONDING GROWTH RATES IN OCTOBER WERE 1.5 PER CENT, 3.7 PER CENT AND 2.3 PER CENT.

IN THE THREE MONTHS TO NOVEMBER, INCREASES OF 11.4 PER CENT, 12.0 PER CENT AND 8.4 PER CENT WERE RECORDED FOR HK$M1 HK$M2 AND HK$M3. THE CORRESPONDING INCREASES OVER THE 12 MONTHS WERE 15.7 PER CENT, 23.3 PER CENT AND 24.8 PER CENT.

TOTAL MONEY SUPPLY

TOTAL MONEY SUPPLY ALSO INCREASED ON ALL DEFINITIONS. TOTAL M1 ROSE BY 4.1 PER CENT, COMPARED WITH A MARGINAL DECREASE OF 0.1 PER CENT IN OCTOBER. TOTAL M2 GREW FURTHER BY 2.2 PER CENT AND TOTAL M3 BY 1.6 PER CENT, FOLLOWING INCREASES

OF 2.9 PER CENT AND 2.3 PER CENT RESPECTIVELY IN OCTOBER. THE CORRESPONDING GROWTH RATES OVER THE THREE MONTHS TO NOVEMBER WERE 9.7 PER CENT, 6.0 PER CENT AND 4.3 PER CENT AND OVER THE 12 MONTHS, 15.2 PER CENT, 20.2 PER CENT AND 24.2 PER CENT RESPECTIVELY.

LOANS AND ADVANCES

LOANS AND ADVANCES EXTENDED BY BANKS AND DEPOSIT-TAK ING COMPANIES CONTINUED TO GROW ONLY SLOWLY IN TOTAL, BY 1.0 PER CENT IN NOVEMBER FOLLOWING 0.5 PER CENT IN OCTOBER.

OVER THE THREE MONTHS TO NOVEMBER, THESE INCREASED BY 1.8 PER CENT AND OVER THE 12 MONTHS BY 6.5 PER CENT.

LOANS TO FINANCE VISIBLE TRADE RECOVERED SLIGHTLY TO GROW BY 0.4 PER CENT IN NOVEMBER, AFTER HAVING DECLINED BY 1.1 PER CENT IN OCTOBER. WHILE THEY FELL BY 2.0 PER CENT OVER THE LATEST THREE MONTHS, THEY WERE STILL 13.2 PER CENT HIGHER OVER THE 12 MONTHS.

THE GROWTH RATE OF OTHER LOANS FOR USE IN HONG KONG IN NOVEMBER WAS, AT 1.5 PER CENT, THE STRONGEST FOR MANY MONTHS IN THE THREE MONTHS TO NOVEMBER THE INCREASE WAS 1.9 PER CENT AND OVER THE 12 MONTHS, 2.6 PER CENT.

THE RISE IN NOVEMBER WAS CONCENTRATED IN FOREIGN CURRENCY LENDING, BUT NO PARTICULAR SIGNIFICANCE CAN BE ATTACHED TO THIS ON THE BASIS OF ONE MONTH'S FIGURES.

/FOREIGN CURRENCY