definitions
that of its
component (2).
The
marked
Hong Kong
expansion in
dollar-denominated
foreign currency
with banks and
deposits (very largely in US dollars)
deposit-taking companies, that followed the exemption as from
25th February 1982 of such deposits from interest withholding
tax, continued in the third quarter, although more modestly.
Thus, the foreign currency component of M3 rose by $36,200
million or 105% between February and June this year and by a
further $20,500 million or 29% during the third quarter.
However, a significant part of the increase during the third
quarter could be explained by the valuation effect of the
depreciation of the Hong Kong dollar, by 6%, against the US
(2)
/ dollar
Quarterly Growth Rates of the Money Supply (%)
(quarter on previous quarter)
ΜΙ
M2
M3
21
As at end of quarter
Total
HK$
Total
HK$
Total
HK$
1981 21
23
1982 21
2287 22a
-1.6
-0.6
+5.2
+5.3
+6.9
+7.1
+0.6
+0.3
+5.3
+2.9
+12.5
+8.5
+1.5
+0.9
+1.5
-1.2
+0.8
-0.4
24
+3.6
+2.2
+8.0
+6.2
+5.2
+4.6
-0.9
-1.7
+14.0
+3.9
+7.1
-0.5
Q2
+4.1
+2.8
+23.3
+5.3
+12.4
-2.0
23
+8.3
+5.7
+18.8
+12.8
+12.5
+4.3
% change in the
+15.8
+9.2
+80.4
+31.2
+42.4
+6.3
year ending September 1982
As at end of
28,141 25,369
195,087 119,468
239,335 148,331
September 1982 ($Mn)
12
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