XN000022-1987-02-01 — Page 3

SUNDAY, FEBRUARY 1, 7

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MONETARY STATISTICS FOR DECEMBER RELEASED

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STATISTICS PUBLISHED BY THE MONETARY AFFAIRS BRANCH SHOWED AN ACCELERATION IN THE GROWTH RATE OF HONG KONG DOLLAR DEPOSITS IN DECEMBER. FOREIGN CURRENCY DEPOSITS ALSO RECORDED RAPID GROWTH.

HONG KONG DOLLAR M1 (THE NARROWEST DEFINITION OF MONEY SUPPLY) INCREASED RAPIDLY IN DECEMBER. HONG KONG DOLLAR M2 AND M3 ALSO GREW. FASTER THAN IN THE PREVIOUS MONTHS.

TOTAL LOANS AND ADVANCES EXTENDED BY BANKS AND DEPOSIT-TAK ING COMPANIES GREW FASTER IN DECEMBER. LOANS TO FINANCE HONG KONG'S VISIBLE TRADE INCREASED AFTER THE FALL IN NOVEMBER. OTHER LOANS FOR USE IN HONG KONG REGISTERED A HIGHER GROWTH RATE THAN IN THE PREVIOUS MONTH.

TABLE 1 SETS OUT SUMMARY FIGURES FOR DECEMBER 1986 AND COMPARISONS WITH EARLIER MONTHS. TABLE 2 SETS OUT FIGURES FROM THE QUARTERLY ANALYSIS OF LOANS AND ADVANCES FOR USE IN HONG KONG BY SECTOR.

DEPOSITS

IN DECEMBER, HONG KONG DOLLAR DEMAND DEPOSITS INCREASED RAPIDLY, BY 8.5 PER CENT, AFTER AN INCREASE OF 2.4 PER CENT IN NOVEMBER, A CONTRIBUTORY FACTOR, BUT PROBABLY ONLY TO A MODEST EXTENT, WAS THE OVER-SUBSCRIPTION TO A SHARE ISSUE TOWARDS THE END OF THE MONTH.

SAVINGS AND TIME DEPOSITS ALSO INCREASED FASTER THAN IN THE PREVIOUS MONTH, BY 3.7 PER CENT AND 1.7 PEP CENT, RESPECTIVELY.

TOTAL HONG KONG DOLLAR DEPOSITS GREW BY 3.3 PER CENT AFTER INCREASES OF 2.2 PER CENT IN OCTOBER AND 1.2 PER CENT IN NOVEMBER. OVER THE CALENDAR YEAR 1986, THESE DEPOSITS GREW PY 15.5 PER CENT.

FOREIGN CURRENCY DEPOSITS ALSO GREW FASTER IN DECEMBER, BY 2.8 PER CENT AFTER INCREASES OF 2.7 PER CENT IN OCTOBER AND 1.4 PER CENT IN NOVEMBER. OVER THE YEAR, THESE DEPOSITS GREW PY 34.0 PER CENT.

FOREIGN CURRENCY SWAP DEPOSITS DECREASED BY 1.2 PER CENT IN DECEMBER, ADJUSTED TO INCLUDE THESE DEPOSITS, HONG KONG DOLLAR DEPOSITS GREW BY 2.9 PER CENT IN DECEMBER AND BY 15.6 PER CENT OVER THE YEAR ADJUSTED FOREIGN CURRENCY DEPOSITS GREW BY 3.2 PER CENT IN DECEMBER AND HY 36.1 PER CENT OVER THE YEAR.

/DEPOSITS