XN000022-1994-01-31 — Page 8

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MONDAY, JANUARY 31, 1994

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OF THESE DEPOSITS, U.S. DOLLAR DEPOSITS INCREASED BY 2.2% WHILE NON-U.S. DOLLAR FOREIGN CURRENCY DEPOSITS FELL BY 1.6%. YEAR-ON-YEAR, TOTAL FOREIGN CURRENCY DEPOSITS GREW BY 5.5%.

DURING DECEMBER, DEPOSITS IN ALL CURRENCIES WITH LICENSED BANKS AND DEPOSIT-TAKING COMPANIES DECREASED BY 7.9% AND 1.4% RESPECTIVELY WHILE DEPOSITS WITH RESTRICTED LICENCE BANKS INCREASED BY 3.8%. YEAR- ON-YEAR, DEPOSITS WITH LICENSED BANKS GREW BY 15.6% WHILE DEPOSITS WITH RESTRICTED LICENCE BANKS AND DEPOSIT-TAKING COMPANIES DECLINED BY

14.8% AND 10.5% RESPECTIVELY.

MONEY SUPPLY

HK$MI INCREASED BY 4.7% WHILE HK$M2 AND HK$M3 DECREASED BY 13.2% AND 13% RESPECTIVELY IN DECEMBER.

THEIR CORRESPONDING RATES OF CHANGE IN NOVEMBER WERE -21.1%. +14.2% AND +14% RESPECTIVELY. YEAR-ON-YEAR, HK$M1, HK$M2 AND HK$M3 INCREASED BY 20.8%, 26.9% AND 25.2% RESPECTIVELY.

BY

TOTAL M1 INCREASED BY 4.4% WHILE TOTAL M2 AND M3 DECREASED 7.3% AND 6.9% RESPECTIVELY IN DECEMBER. IN NOVEMBER, THEIR CORRESPONDING RATES OF CHANGE WERE -19.3%, +7.3% AND +7.3% RESPECTIVELY. YEAR-ON-YEAR, TOTAL M1, M2 AND M3 ROSE BY 20.6%, 16% AND 15.6% RESPECTIVELY.

LOANS AND ADVANCES

TOTAL OUTSTANDING LOANS AND ADVANCES EXTENDED BY AUTHORISED INSTITUTIONS DECREASED BY 4.2% IN DECEMBER, FOLLOWING INCREASES OF 0.6% AND 3.6% IN OCTOBER AND NOVEMBER RESPECTIVELY.

AMONG THESE LOANS, HONG KONG DOLLAR LOANS FELL CONSIDERABLY BY 12.1%, MAINLY DUE TO THE REPAYMENT OF LOANS FOR THE SHARE SUBSCRIPTIONS. FOREIGN CURRENCY LOANS INCREASED BY 0. 3% COMPARED WITH A YEAR EARLIER, THESE LOANS INCREASED BY

17.9% AND 14.6% RESPECTIVELY.

+

0.3%

LOANS TO FINANCE VISIBLE TRADE OF HONG KONG INCREASED BY IN DECEMBER, AFTER A DECREASE OF 0.1% EACH IN BOTH OCTOBER AND NOVEMBER. YEAR-ON-YEAR, SUCH LOANS GREW BY 15.7%.

OTHER LOANS FOR USE IN HONG KONG FELL BY 10.6% FOLLOWING INCREASES OF 5.2% AND 8.6% IN OCTOBER RESPECTIVELY. YEAR-ON-YEAR, THESE LOANS INCREASED BY

IN DECEMBER, AND NOVEMBER

18.2%.

LOANS FOR USE OUTSIDE HONG KONG INCREASED BY 0.3% DECEMBER, AFTER A DECREASE OF 2.1% IN OCTOBER AND AN INCREASE 0.3% IN NOVEMBER. YEAR-ON-YEAR, THESE LOANS GREW BY 14.5%.

IN

OF

LOANS TO FINANCE TRADE NOT TOUCHING HONG KONG DECREASED BY 6.5% DURING DECEMBER, AFTER DECREASES OF 2% AND 0.7% IN OCTOBER AND NOVEMBER RESPECTIVELY. YEAR-ON-YEAR, THESE LOANS DECREASED BY 5.6%.

/QUARTERLY ANALYSIS