XN000022-1990-07-05 — Page 4

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THURSDAY, JULY 5, 1990

(2)

IN THE TEXT ABOVE, TOTAL HK$ DEPOSITS, HK$ TIME HK$M2 AND HK$M3 HAVE BEEN ADJUSTED TO INCLUDE SWAP DEPOSITS. ON THE OTHER HAND, TOTAL FOREIGN CURRENCY DEPOSITS DEPOSITS HAVE BEEN ADJUSTED TO EXCLUDE SWAP DEPOSITS.

DEPOSITS,

AND US$

"SWAP DEPOSITS" ARE DEPOSITS INVOLVING CUSTOMERS BUYING FOREIGN CURRENCIES (MOSTLY U.S. DOLLARS) IN THE SPOT MARKET AND PLACING THEM AS DEPOSITS WITH AUTHORISED INSTITUTIONS, WHILE AT THE SAME TIME ENTERING INTO A CONTRACT TO SELL SUCH FOREIGN CURRENCIES (PRINCIPAL PLUS INTEREST) FORWARD IN LINE WITH THE MATURITY OF SUCH DEPOSITS. FOR MOST ANALYTICAL PURPOSES, THEY SHOULD BE REGARDED AS HONG KONG DOLLAR DEPOSITS.

/MONETARY STATISTICS