XN000022-1985-07-04 — Page 8

7

THURSDAY, JULY 4, 1985

THE CORRESPONDING INCREASES IN APRIL WERE 0.9 PER CENT AND 1.} PER CENT.

OVER THE THREE MONTHS, HK3M1 FELL BY 4.0 PER CENT WHILE HK$2

OVER AND HK$M3 ROSE BY 2.4 PER CENT AND 3.0 PER CENT RESPECTIVELY. THE 12 MONTHS THE CORRESPONDING INCREASES WERE 23.9 PER CENT, PER CENT AND 21.7 PER CENT.

24.7

THE GROWTH RATES OF HKSM2 AND HKM3 AFTER ADJUSTING FOR SWAP DEPOSITS WERE 1.3 PER CENT AND 1.2 PER CENT RESPECTIVELY IN KAY, AND 3.0 PER CENT AND 3.5 PER CENT RESPECTIVELY FOR THE THREE MONTHS TO MAY.

TOTAL MONEY SUPPLY

TOTAL MONEY SUPPLY ON ALL DEFINITIONS CONTINUED TO INCREASE. TOTAL M1 ROSE BY 2.4 PER CENT, TOTAL M2 BY 2.2 PER CENT AND TOTAL M3 BY 1.8 PER CENT. THE CORRESPONDING GROWTH RATES IN APRIL WEKİ 0.2 PER CENT, 1.2 PER CENT AND 1.0 PER CENT.

IN THE THREE MONTHS TO MAY, TOTAL M1 FELL BY 3.7 PER CENT WHILE TOTAL M2 AND TOTAL M3 INCREASED BY 5.5 PER CENT AND 5.4 PER CENT RESPECTIVELY. OVER THE 12 MONTHS, THE GROWTH RATES WERE 24.4 PER CENT, 22.6 PER CENT AND 21.2 PER CENT RESPECTIVELY.

LOANS AND ADVANCES

LOANS AND ADVANCES EXTENDED BY BANKS AND DEPOSIT-TAKING COMPANIES CONTINUED TO REGISTER SOME INCREASE, BY 0.9 PER CENT IN MAY AFTER A RISE OF 0.5 PER CENT IN THE PREVIOUS MONTH. OVER THE THREE MONTHS TO MAY, THESE GREW BY 2.1 PER CENT AND OVER THE 12 MONTHS BY 7.1 PER CENT.

WITHIN THE TOTAL, LOANS TO FINANCE VISIBLE TRADE FELL BY 2.0 PER CENT, AFTER A RISE OF 3.7 PER CENT IN APRIL. OVER THE THREE MONTHS TO MAY, THESE GREW BY 4.3 PER CENT BUT ONLY BY 1.9 PER CENT OVER THE 12 MONTHS, LARGELY REFLECTING DECREASES IN THE SECOND HALF OF 1984.

OTHER LOANS FOR USE IN HONG KONG ROSE BY 0.7 PER CENT IN MAY FOLLOWING A 0.9 PER CENT RISE IN APRIL. OVER THE THREE MONTHS TO MAY, THEY ROSE BY 1.6 PER CENT AND OVER THE 12 MONTHS BY 7.5 PER CENT, ABOUT 83 PER CENT OF THESE LOANS WERE DENOMINATED IN HONG KONG DOLLARS.

REFLECTING RELATIVELY LOW HONG KONG DOLLAR LENDING RATES, THERE WAS IN MAY A SWITCH FROM FOREIGN CURRENCY LENDING TO HONG KONG DOLLAR LENDING. THOSE OTHER LOANS DENOMINATED IN HONG KONG DOLLARS INCREASED IN MAY BY 1.9 PER CENT WHILE THOSE DENOMINATED IN FOREIGN CURRENCIES FELL BY 4.7 PER CENT.

/FOREIGN CURRENCY