1.8
The money supply (HK$M3) fell during the first quarter (paragraphs 3.6 and 3.7), but the growth rate of loans
and advances for use in Hong Kong remained high (paragraphs
3.9 to 3.11; but because of the seasonal fluctuations around
the Lunar New Year and the effects of recent changes in the
financial sector (paragraphs 3.3 to 3.5), the statistics for
this period have to be interpreted with some care). Probably
in response to the abolition of interest tax on foreign
currency deposits, such deposits grew substantially in the last month of this quarter (paragraph 3.6).
3
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