of 2.3% during
during the previous quarter. Total M2 and total M3
grew by 5.9% and 4.2% respectively, following respective increases of 5.9% and 5.1% during the previous quarter
3.3
(3)
M2 continued to grow faster than M3. This was
probably due in part to further adjustments under the 3-tier system, which requires registered deposit-taking companies to
run down all their short-term deposits by the end of June this
year. The publicised difficulties of a small number of registered deposit-taking companies was doubtless also a factor
contributing to a shift of deposits away from this group.
3.4
The foreign currency components of the various
definitions of the money supply continued to grow faster than the corresponding Hong Kong dollar components. Among other
factors, the interest tax changes introduced in February 1982
(3)
/still
Quarterly Growth Rates of the Money Supply (%)
Ml
Foreign
M2
Foreign
M3
Foreign
Total HK$ currencies Total HK$ currencies Total HK$ currencies
1982 Q1 -0.9 -1.7
+12.0
+14.0 +3.9
+63.0
Q3
Q2 +4.1 +2.8
+8.3 +5.7
+23.0
+39.1
+23.3 +5.3
+18.8 +12.8
+78.9
+29.7
+7.1 -0.5
+12.4 -2.0
+12.5 +4.3
+42.8
+59.8
+29.1
04
-2.3 +2.8 -49.5
1983 Q1
+4.1 +3.4 +17.7
+5.9 +1.2
+5.9 +1.0
+13.4
+12.8
+5.1 +0.6 +12.4
+4.2 -0.3 +10.8
As at
end of
March
1983
($mn) 28,610 26,963 1,647
218,955 122,220 96,735 262,189 148,869 113,320
14
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