XN000022-1995-07-31 — Page 4

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"An independent Monitoring Committee on Implementation of TOC, with members comprising of heads and teachers of primary and secondary schools, academics, curriculum experts, teacher trainers, school operators, parents, as well as representatives of bodies which expressed an interest in the Initiative, has been formed and is in full operation."

End/Monday, July 31, 1995

Monthly Statistics for June

According to statistics published today (Monday) by the Hong Kong Monetary Authority, HK dollar deposits recorded notable growth across the board in June.

Table sets out summary figures for June 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

The growth of total HK dollar deposits increased to 2.5% in June, compared with 0.6% in May. Demand deposits registered the fastest growth of 3%, followed by a 2.7% increase in savings deposits and a 2.3% rise in time deposits. The strong growth in savings deposits was due partly to the credit of interest earned by depositors.

Swap deposits fell by 2.6% in June. Altogether, such deposits have fallen by 39.4% from its peak in November last year as HK dollar time deposits have become a preferred alternative following the phased removal of some of the interest rate cap.

The growth of foreign currency deposits moderated to 0.2% against 1.3% in the previous month. The moderation was due to a 0.9% fall in US dollar deposits while non-US dollar deposits rose by 1.3%.

Loans and Advances

Total outstanding loans and advances extended by authorised institutions increased by 2.0% in June compared to 2.2% in May. During the month, HK dollar loan growth fell to 0.9% from 1.6% in May whereas foreign currency loan growth was relatively stable at 2.6%