Money supply
(8)
3.9
There
Kong during the
was
reportedly an inflow of funds into Hong third quarter of 1986. With the
exchange
and a
rate of the Hong Kong dollar against the US dollar remaining stable under
under the linked exchange rate system,
system, this resulted in an easing of the Hong Kong dollar interest rates
interest
general acceleration in the growth rates of the money supply
Comparing September
(9)
1986 with
September
1985,
/the
The various definitions of the money supply are:
(8)
Ml total:
M2 total:
M3 total:
notes and coins with the public, plus customers' demand deposits with licensed banks.
Ml plus
plus customers' savings and time deposits with licensed banks, plus negotiable certificates of deposit issued by licensed banks and held outside the monetary sector.
M2 plus customers' deposits with licensed and registered deposit-taking companies, plus negotiable certificates of deposit issued by deposit-taking companies and held outside the monetary sector.
HK$M1, HK$M2 and HK$M3 are the Hong Kong dollar component of these monetary aggregates.
Growth rates of the money supply (%)
(9)
During the period
M1
M2
M3
HK$
Total
HK$
Total
HK$
Total
1985 Q1
1986 Q1
Q2
Q3
2222 222
+8.3
+6.9
+3.4
+5.9
+3.2
+5.2
Q2
+6.9
+7.7
+3.3
+4.7
+3.3
+4.6
Q3
+7.1
+7.8
+1.7
+5.1
+1.7
+5.3
Q4
+1.1
-0.9
+3.9
+6.5
+3.3
+5.9
+0.1
+1.3
+2.9
+5.9
+2.5
+5.1
+2.4
+2.5
+3.3
+5.6
+1.4
+3.8
+6.4
+6.1
+5.6
+9.5
+4.4
+6.9
'Total
45,603
49,896
218,419
477,866
253,152 554,739
amount as
at end of
Sept., 1986
(HK$Mn)
26
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