FRIDAY, MARCH 29, 1985
MONETARY STATISTICS FOR FEBRUARY 1985 *****
MONEY SUPPLY ON ALL DEFINITIONS CONTINUED TO INCREASE IN FEBRUARY, ACCORDING TO MONETARY STATISTICS PUBLISHED TODAY.
THE INCREASE IN THE MONEY SUPPLY ON THE NARROWEST DEFINITION (M1), WHICH COMPRISES LEGAL TENDER NOTES AND COIN IN THE HANDS OF THE PUBLIC AND MONEY ON CURRENT ACCOUNT WITH BANKS, WAS PARTICULARLY RAPID, REFLECTING THE LARGE SEASONAL DEMAND FOR CASH AROUND LUNAR NEW YEAR.
BOTH HONG KONG DOLLAR DEPOSITS AND FOREIGN CURRENCY DEPOSITS INCREASED, THE INCREASE IN FOREIGN CURRENCY DEPOSIT WAS MORE RAPID, BUT PART OF IT REFLECTED THE CONTINUED EXPANSION IN FOREIGN CURRENCY SWAP DEPOSITS.
LOANS TO FINANCE VISIBLE TRADE SHOWED A SIGNIFICANT INCREASE IN FEBRUARY, AFTER DECREASING FOR FOUR CONSECUTIVE MONTHS. OTHER LOANS FOR USE IN HONG KONG ALSO SHOWED SOME INCREASE.
(A TABLE SETTING OUT SUMMARY FIGURES FOR FEBRUARY 1985 AND COMPARISONS WITH EARLIER MONTH, IS BEING SENT BY FACSIMILE NETWORK. IT WILL ALSO BE BOXED FOR COLLECTION).
DEPOSITS
HONG KONG DOLLAR DEPOSITS ROSE BY 0.7 PER CENT IN FEBRUARY, FOLLOWING A RISE OF 0.5 PER CENT IN JANUARY. THESE DEPOSITS INCREASED BY 4.4 PER CENT IN THE THREE MONTHS TO FEBRUARY, AND BY 13.7 PER CENT IN THE TWELVE MONTHS. FOREIGN CURRENCY DEPOSITS GREW BY 1.9 PER CENT IN FEBRUARY, AFTER SHOWING NO INCREASE IN JANUARY. THESE DEPOSITS WERE 6.5 PER CENT HIGHER OVER THE THREE MONTHS TO FEBRUARY AND 29.0 PER CENT HIGHER OVER THE TWELVE MONTHS.
TOTAL DEPOSITS WITH BANKS CONTINUED TO GROW, ALBEIT AT A LESS RAPID RATE OF 0.9 PER CENT IN FEBRUARY, COMPARED WITH 1.8 PER CENT IN JANUARY. TOTAL DEPOSITS WITH DEPOSIT-TAKING COMPANIES REGISTERED A MORE SIGNIFICANT RISE OF 2.6 PER CENT, AFTER A FALL OF 5.9 PER CENT IN THE PREVIOUS MONTH. THE WIDER DIFFERENTIAL BETWEEN HKAB RATES AND MONEY MARKET RATES TOWARDS THE END OF THE MONTH WAS PROBABLY A CONTRIBUTORY FACTOR. BANKS STILL GREW BY 7.6 PER CENT OVER THE WHILE THOSE WITH DEPOSIT-TAXING COMPANIES THE SAME PERIOD.
HOWEVER, DEPOSITS WITH THREE MONTHS TO FEBRUARY, FELL BY 3.2 PER CENT OVER
/STATISTICS ON
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