XN000022-1990-10-12 — Page 7

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FRIDAY, OCTOBER 12, 1990

EXCHANGE MARKET BILLION. OUR GOLD MARKET IS POSSIBLY THE THIRD LARGEST IN THE WORLD AFTER LONDON AND ZURICH.'

"A SURVEY IN APRIL 1989 INDICATED OUR FOREIGN HAS A AVERAGE DAILY TURNOVER OF US$49

SPEAKING ON THE ALLEGED FLIGHT OF CAPITAL FROM JOHNSON POINTED OUT THAT THE TOTAL AMOUNT OF DEPOSITS BANKING SYSTEM NEARLY TRIPLED BETWEEN 1985-1989, WITH OF 23 PER CENT PER ANNUM.

1984, HONG

"SINCE THE END OF BANKING SYSTEM HAVE BEEN GROWING AT 16 CONSISTENT WITH THE GROWTH RATE OF THE

COMMENTING ON SKEPTICAL REMARKS

KONG

-

HONG KONG, MR IN HONG AVERAGE

DOLLAR DEPOSITS CENT PER ANNUM,

PER ECONOMY,

1+

KONG'S

GROWTH

OUR

IN BROADLY

SHARE OF

ABOUT THE FALLING POINTED OUT THAT IN LONDON, HONG KONG DOLLAR DEPOSITS, MR JOHNSON

TOTAL, AND STERLING DEPOSITS REPRESENT ONLY ABOUT 40 PER CENT OF THE

THE DOMESTIC CURRENCY IS IN SINGAPORE, THE CORRESPONDING SHARE FOR ABOUT 50 PER CENT.

THERE HAS WITH THE U.S.

RATHER A REVALUATION

"THROUGHOUT THIS PERIOD OF SUPPOSED CAPITAL FLIGHT, BEEN NO DOWNWARD PRESSURE ON OUR LINKED EXCHANGE RATE

BEEN TOWARDS DOLLAR, INDEED ANY PRESSURE HAS THAN A DEVALUATION OF THE HONG KONG DOLLAR.

IS, KONG

THE

AND

THAT DESPITE THEREFORE, "OUR GENERAL CONCLUSION

BASED COMPANIES OVERSEAS DIVERSION AND EXPANSION OF HONG

HONG KONG, DESPITE THE MOVEMENT OF ASSETS OVERSEAS BY EMIGRANTS FROM

THE THERE MUST HAVE BEEN A BALANCING FLOW OF FUNDS INTO HONG KONG AND HONG KONG DOLLAR, MR JOHNSON SAID.

HONG KONG'S EXTERNAL TRADE STATISTICS FOR AUGUST 1990

*

1990, AT

$115,138 MILLION, TOTAL MERCHANDISE TRADE IN AUGUST

COMPARED WITH AUGUST 1989, GREW BY 14 PER CENT IN VALUE TERMS AS ACCORDING TO THE DETAILED FIGURES ON THE VALUE OF TRADE IN AUGUST 1990 RELEASED TODAY (FRIDAY) BY THE CENSUS AND STATISTICS DEPARTMENT.

WHILE

VALUE OF DOMESTIC OVER THE SAME PERIOD OF COMPARISON, THE EXPORTS SLIGHTLY DECREASED BY 0.5 PER CENT TO $21,128 MILLION, THAT OF RE-EXPORTS ROSE BY 20 PER CENT TO $38,304 MILLION.

$59,432 то $55,706

THE VALUE OF TOTAL EXPORTS INCREASED BY 12 PER CENT TO THE VALUE OF IMPORTS INCREASED BY 16 PER CENT

MILLION. MILLION.

THE VALUE OF TOTAL MERCHANDISE TRADE IN JANUARY TO AUGUST 1990, AT $801,686 MILLION, INCREASED BY 8 PER CENT AS COMPARED WITH THE SAME PERIOD IN 1989.

/OVER THE