XN000022-1985-05-02 — Page 9

8

1

THURSDAY, MAY 2, 1985

HONG KONG DOLLAR MONEY SUPPLY

THE HONG KONG DOLLAR MONEY SUPPLY ON THE NARROWEST DEFINITION, HKSM1, FELL BY 5.7 PER CENT IN MARCH, AFTER A SUBSTANTI AL SEASON AL INCREASE OF 9.3 PER CENT IN FEBRUARY. ON THE BROADER DEFINITIONS, HK$M2 AND HK$M3 ROSE BY 0.1 PER CENT AND 0.7 PER CENT RESPECTIVELY. THE CORRESPONDING INCREASES IN FEBRUARY WERE 1.8 PER CENT AND 2.0 PER CENT. DURING THE FIRST QUARTER, HK$M1 ROSE BY 8.3 PER CENT, HK$M2 BY 3.4 PER CENT AND HK$M3 BY 3.2 PER CENT. THE RESPECTIVE GROWTH RATES OVER THE TWELVE MONTHS WERE 13.0 PER CENT, 13.6 PER CENT AND 15.7 PER CENT.

THE GROWTH RATES OF HK$M2 AND HK$M3, AFTER ADJUSTING FOR SWAP DEPOSITS, WERE HIGHER AT 0.7 PER CENT AND 1.1 PER CENT RESPECTIVELY FOR THE MONTH, AND 5.4 PER CENT AND 4.9 PER CENT RESPECTIVELY FOR THE FIRST QUARTER.

TOTAL MONEY SUPPLY

TOTAL MONEY SUPPLY SHOWED SIMILAR MOVEMENTS, WHILE TOTAL M1 FELL BY 6.2 PER CENT TOTAL M2 ROSE BY 2.1 PER CENT AND TOTAL M3 BY 2.5 PER CENT. IN FEBRUARY, THEIR GROWTH RATES WERE 9.6 PER CENT, 1.7 PER CENT AND 2.1 PER CENT RESPECTIVELY, THE CORRESPONDING GROWTH RATES OVER THE THREE MONTHS TO MARCH WERE 6.9 PER CENT, 5.9 PER CENT AND 5.2 PER CENT, AND OVER THE TWELVE MONTHS WERE 14.4 PER CENT, 19.0 PER CENT AND 21.6 PER CENT.

LOANS AND ADVANCES

+

LOANS AND ADVANCES EXTENDED BY BANKS AND DEPOSIT-TAKING COMPANIES SHOWED A SMALL INCREASE OF 0.7 PER CENT IN MARCH, AFTER 0.5 PER CENT IN FEBRUARY. OVER THE FIRST QUARTER, THESE GREW BY 1.4 PER CENT AND OVER THE TWELVE MONTHS BY 7.1 PER CENT.

WITHIN THE TOTAL, LOANS TO FINANCE VISIBLE TRADE GREW FURTHER BY 2.6 PER CENT IN MARCH AFTER A RISE OF 2.5 PER CENT IN FEBRUARY, WHILE THEY STILL FELL BY 1.4 PER CENT OVER THE FIRST QUARTER, THEY WERE 6.6 PER CENT HIGHER OVER THE TWELVE MONTHS. OTHER LOANS FOR USE IN HONG KONG SHOWED NO CHANGE OVER THE MONTH, AFTER A SMALL INCREASE OF 0.6 PER CENT IN THE PREVIOUS MONTH. OVER THE FIRST QUARTER, THEY ROSE BY 1.4 PER CENT AND OVER THE TWELVE MONTHS BY 6.0 PER CENT.

+

AQUARTERLY