XN000022-1985-09-02 — Page 3

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MONDAY, SEPTEMBER 2, 1985

DEPOSITS

HONG KONG DOLLAR DEPOSITS GREW AT A MODEST 0.45 PER CENT IN JULY AFTER HAVING INCREASED BY 0,8 PER CENT IN JUNE. IN THE THREE MONTHS TO JULY HONG KONG DOLLAR DEPOSITS GREW BY 2.5 PER CENT, AND OVER THE 12 MONTHS THE GROWTH RATE WAS 22.9 PER CENT.

FOREIGN CURRENCY DEPOSITS ROSE BY A RAPID 4.3 PER CENT IN JULY, AFTER HAVING INCREASED BY 2.5 PER CENT IN JUNE, IN THE THREE MONTHS TO JULY FOREIGN CURRENCY DEPOSITS GREW BY 9.7 PER CENT AND OVER THE 12 MONTHS THE GROWTH WAS 24.3 PER CENT.

REFLECTING LOWER HONG KONG DOLLAR MONEY MARKET INTEREST RATES WHICH MADE FOREIGN CURRENCY SWAP DEPOSITS LESS ATTRACTIVE SUCH DEPOSITS FELL BY 2.5 PER CENT IN JULY, AFTER HAVING RECORDED ZERO GROWTH IN JUNE.

ADJUSTED TO INCLUDE THESE DEPOSITS, HONG KONG DOLLAR

DEPOSITS GREW AT LOWER RATES OF 0.1 PER CENT IN JULY AND TWO PER CENT IN THE THREE MONTHS TO JULY.

FOREIGN CURRENCY DEPOSITS, ON THE OTHER HAND, GREW AT THE HIGHER RATES OF 5.3 PER CENT IN JULY AND 11.4 PER CENT IN THE THREE MONTHS TO JULY.

TOTAL DEPOSITS WITH BANKS ROSE BY 1.9 PER CENT IN JULY,

TOTAL DEPOSITS FOLLOWING AN INCREASE OF 1.3 PER CENT IN JUNE. WITH DEPOSIT-TAKING COMPANIES GREW FURTHER BY 4.2 PER CENT IN JULY, FOLLOWING AN INCREASE OF 3.1 PER CENT IN JUNE. OVER THE THREE MONTHS TO JULY, THE GROWTH OF TOTAL DEPOSITS WITH BANKS, AT 5.7 PER CENT, WAS LOWER THAN THAT WITH DEPOSIT-TAKING COMPANIES, AT 7.4 PER CENT.

HONG KONG DOLLAR MONEY SUPPLY

HKM1

HONG KONG DOLLAR MONEY SUPPLY ON ALL DEFINITIONS CONTINUED TO INCREASE BUT AT A SLOWER PACE THAN THE PREVIOUS MONTH. (THE NARROWEST DEFINITION) ROSE BY TWO PER CENT, HK$M2 ROSE BY 0.6 PER CENT AND HK$M3 BY 0.7 PER CENT IN JULY.

J

THE INCREASES IN JUNE OF HKSM1 WAS TWO PER CENT, WHILE THOSE OF HK$M2 AND HK$M3 WERE AT THE SAME RATE OF ONE PER CENT.

IN THE THREE MONTHS TO JULY, HKSM1 GREW BY 9.2 PER CENT,

OVER THE HK$M2 BY THREE PER CENT AND HKSMG BY 4.0 PER CENT. 12 MONTHS TO JULY THE CORRESPONDING INCREASES WERE 39.7 PER CENT, 30 PER CENT AND 23.3 PER CENT.

THE GROWTH RATES OF HKSM2 AND HK$M? IN JULY, AFTER ADJUSTING FOR SWAP DEPOSITS, WERE AT 0.2 PER CENT AND 0.3 PER CENT RESPECTIVELY. IN THE THREE MONTHS TO JULY, THEY RECORDED THE SAME GROWTH RATE OF 2.4 PER CENT.

TOTAL MONE