XN000022-1991-05-06 — Page 6

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MONDAY, MAY 6, 1991

MONETARY STATISTICS FOR MARCH PUBLISHED

HONG

KONG

DOLLAR DEPOSITS WITH

AUTHORISED

INSTITUTIONS DECREASED SLIGHTLY DURING MARCH, ACCORDING TO STATISTICS PUBLISHED TODAY (MONDAY) BY THE MONETARY AFFAIRS BRANCH.

THIS FALL WAS ATTRIBUTABLE TO THE BOOKING OF SUBSCRIPTION MONIES FOR A NEW SHARES ISSUE WHICH AMOUNTED TO OVER $8 BILLION AS FOREIGN CURRENCY DEPOSITS (WITH FORWARD CONTRACTS ΤΟ COVER THE PRINCIPAL AMOUNTS).

J

NOTWITHSTANDING THE MONTHLY DECLINE, HONG KONG DOLLAR DEPOSITS GREW BY 14.5% COMPARED WITH A YEAR EARLIER, BROADLY IN LINE WITH THE GROWTH IN ECONOMIC ACTIVITIES.

HONG KONG DOLLAR MONEY SUPPLY ON ALL DEFINITIONS DECLINED DURING MARCH, PARTLY DUE TO THE FALL IN HONG KONG DOLLAR DEPOSITS AND PARTLY DUE TO THE SEASONAL DECLINE IN CASH HOLDING AFTER THE CHINESE NEW YEAR.

HONG KONG DOLLAR LOANS, ON THE OTHER HAND, INCREASED DURING THE MONTH, IN PART TO FUND THE SUBSCRIPTION FOR THE NEW SHARES ISSUE.

TABLE I SETS OUT SUMMARY FIGURES FOR MARCH 1991 AND COMPARISONS WITH EARLIER MONTHS, TABLE 2 PRESENTS FIGURES FROM THE QUARTERLY ANALYSIS OF LOANS AND ADVANCES FOR USE IN HONG KONG BY SECTOR.

DEPOSITS

HONG KONG DOLLAR DEPOSITS WITH AUTHORISED INSTITUTIONS, ADJUSTED TO INCLUDE SWAP DEPOSITS, DECREASED BY 0.8% IN MARCH, FOLLOWING AN INCREASE OF 2.1% IN JANUARY AND A DECREASE OF 0.6% IN FEBRUARY.

OF THESE DEPOSITS, DEMAND DEPOSITS AND SAVINGS DEPOSITS BOTH DECREASED BY 6.8% WHILE TIME DEPOSITS INCREASED BY 3.9% IN MARCH. COMPARED WITH A YEAR AGO, TOTAL HONG KONG DOLLAR DEPOSITS CREW BY 14.5%.

FOREIGN CURRENCY DEPOSITS WITH AUTHORISED INSTITUTIONS ROSE BY 1.5% IN MARCH, AFTER AN INCREASE OF 1.9% IN JANUARY AND A DECREASE OF 0.4% IN FEBRUARY.

AMONG THESE DEPOSITS, U.S. DOLLAR DEPOSITS AND NON-U.S. DOLLAR DEPOSITS ROSE BY 0.9% AND 1.8% RESPECTIVELY IN MARCH. OVER THE YEAR, TOTAL FOREIGN CURRENCY DEPOSITS INCREASED BY 22.1%.

LICENSED BANKS

WHILE

DURING MARCH, DEPOSITS OF ALL CURRENCIES WITH AND RESTRICTED LICENCE BANKS ROSE BY 0.3% AND 6.5% RESPECTIVELY DEPOSITS WITH DEPOSIT-TAKING COMPANIES FELL BY 1.2%.

/COMPARED WITH