6.
In real terms, re-exports registered a substantial growth of 30% in the first half of 1992 over a year earlier, while domestic exports increased by 1% Imports rose markedly by 23%.
7.
In the first eight months of 1992, domestic exports to China surged further, while those to the United States continued to revive. On the other hand, domestic exports to Japan fell slightly and those to Germany and the United Kingdom showed sharp declines.
Labour market
8.
The seasonally adjusted unemployment rate in the three months ending August, at 1.9% (provisional), was 0.7 of a percentage point lower than in the preceding three months. The underemployment rate also declined, by 0.3 of a percentage point to 2.0% (provisional) over the same period.
Prices
9.
After picking up to 9.3% in June, the year-on-year rate of increase in the CPI(A) moderated again to 8.8% in July, and further to 8.3% in August. This slower increase in August was mainly due to lower fresh vegetable prices and more moderate increases in the prices of pork and salt-water fish. The August inflation rate represented a significant deceleration from the peak of 13.9% recorded in April 1991
Financial sector
10.
As interest rates in the United States stayed low, local money market interest rates remained soft during September. The 3-month interbank rate fell by 3/16 of a percentage point over a month earlier to close September at 3%. Meanwhile, its Eurodollar counterpart decreased by 1/4 of a percentage point to 3. 3116% The differential between the two rates thus narrowed to 3/16 of a percentage point in favour of the US dollar at end-September, from 1/4 of a percentage point at end-August.
11.
The various deposit rates administered by the Hong Kong Association of Banks remained unchanged in September. At the end of the month, the savings, 3-month and 12-month deposit rates were 1 1/2%, 2 3/4% and 3 3/4% respectively The best lending rate stood at 6 1/2%.
12.
The market exchange rate of the Hong Kong dollar remained stable at about HK$7.72 to HK$7.73 per US$ during August. The effective exchange rate index rose slightly from 108.6 at end-August to 109.6 at end-September
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