first half of
1983(3).
Distorted
by substantial foreign
currency time deposits maturing at the end of June being placed on
demand, total Ml (total money supply on the narrowest definition) grew by 9.0%; the increase during
during the previous six months was
5.7%. Total M2 and total M3 (the broader definitions of total
money supply), however, grew by 11.4% and 8.3% respectively; these
growth rates are much lower than the corresponding increases of
25.9% and 18.2% during the second half of 1982.
3.5
Total M2 continued to grow faster than total M3. This
has been the pattern in the last two years and reflects the run
down of short term deposits in registered deposit-taking companies, which is a requirement under the three-tier monetary
system. However, as the two-year transitional period came to an
end in June, this pattern may change in the following months.
At
(3)
/the
...
Growth Rates of the Money Supply (8):
ΜΙ
M2
M3
Foreign
Foreign
Foreign
1981 H1 -1.0 -0.3
H2 +5.2 +3.2
1982 Hl +3.2 +1.1
H2 +5.7 +8.7
1983 Hl +9.0 +2.3 +132.1
Total HK$ currencies
-16.7
Total HK$ currencies
Total HK$ currencies
+54.7
+37.8
-29.8
As at
29,945 26,698 3,247
+10.7 +8.4
+9.6 +5.0
+40.6 +9.4 +191.6
+25.9 +14.2 +47.0
+11.4 +0.5 +26.8
230,293 121,613 108,680
+28.7
+39.0
+20.2 +16.3
+46.2
+6.0 +4.2
+20.3 -2.5
+15.3
+128.2
+18.2 +4.9
+45.2
+8.3 -2.7 +24.4
272,485 145,211 127,274
end of
June
1983 ($mn)
23
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