TNAG-2977-FCO40-1469-Economic-policy-in-Hong-Kong-1982 — Page 123

CHAPTER 3 :

THE FINANCIAL SECTOR

Introduction

3.1

of deposit-taking

By the end of June, the number

institutions operating in Hong Kong had risen from 471 at the

end of December 1981 to 481, comprising 123 licensed banks, 14

(1) licensed deposit-taking companies

and 344 registered

in

financial

(2)

deposit-taking companies.

Employment

institutions

in the twelve months ending March 1982

increased by 14%, compared with an increase of only 2% for the

employed labour force as a whole.

3.2

During most of the first half, the local interest

rate structure and the

the exchange value of the Hong Kong dollar

remained quite stable. The underlying growth rates of the money supply and of

of domestic credit appeared to be slowing

down, notwithstanding the fact that interpretation of recent

figures was affected by certain special factors which are mentioned in paragraphs 3.3 and 3.4 below.

/ The

(1) 16 licences had been granted to deposit-taking companies, but 2 had

not yet come into effect.

(2) Financial institutions are defined here to include banks, deposit-taking companies, representative offices of foreign banks, finance and investment companies, shares and stock companies, money changers, stock, bullion and commodity exchanges and miscellaneous financial institutions.

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