XN000022-1994-12-30 — Page 3

2 -

Money Supply

With both the currency and demand deposit components falling, by 0.4% and 2.5% respectively, in November, Hong Kong dollar M1 registered a 1.7% decline.

The growth of HK$M2 and HK$M3 picked up from 0.1% each in October to 2.2% and 2.1% respectively in November. The annual growth of HK$M3 fell sharply from 13.6% in October to 1.8% in November as there was à rapid increase in HK$M3 at the end of November 1993 owing to three initial public offerings around the end of that month. This effect should be reversed in December.

Note to Editors:

For further press enquiries, please contact the Press and Publications Section, Hong Kong Monetary Authority, on telephone 878 8261.