movements of the Hong Kong dollar
(6)
the year-on-year rate
of increase in import prices, as indicated by the unit value index of imports, accelerated to about 7% in the third
quarter, from 5% in the second quarter and 2% in the first quarter of 1986. In 1985, import prices fell by 3%. Without the devaluation of the Renminbi and the generally soft world
(7) commodity prices
the year-on-year rate of increase in import prices in the third quarter of 1986 could well have been higher. In the third quarter, import prices of goods from China fell by about 4% over a year ago.
(7).
Among the major end-use categories, the import prices of capital goods and of consumer goods recorded the most rapid increases in the third quarter of 1986, at about
6.6
/19%
(6) Reflecting the depreciation of the Hong Kong dollar against the currencies of most of the major supplier countries, the import-weighted exchange rate index for the Hong Kong dollar declined by 13% during the twelve months ending September 1986. At the end of September 1986, it stood at 61.0. During the same period, the Hong Kong dollar depreciated by 29% against the Yen, by 10% against the New Taiwan Dollar and by 3% against the Pound Sterling.
(7)
Year-on-year rates of increase in world commodity prices (%) :
Q1
1985 Q2 Q3
1986
Q4
Q1
Q2
All commodities
-8
-10
-9
-4
-2
-5
Cotton
-16
-20 -11
-6
-1
5
Petroleum
-2
-2
-2
N.A.
N.A.
N.A.
Iron ore
0
-2
-5 -13
-5
-5
Metal
-6
-3
-1
-7
-8
-10
Source: International Financial Statistics, September 1986.
60
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