Sunday, February 3, 2008

Hong Kong money supply growing at over 10 percent

Keep printing that money and before you know it, Hong Kong will have inflation....

HONG KONG (XFN-ASIA) - Hong Kong's M1 money supply in December rose 1.2 pct from November and was up 10.4 pct from a year earlier, the Hong Kong Monetary Authority (HKMA) said. Unadjusted M2 and M3 in Hong Kong dollar terms decreased by 8.7 pct and 8.6 pct respectively month-on-month, but were both up 18.1 pct on a year-on-year basis, the HKMA said. Total deposits with authorised institutions decreased by 3.8 pct in December, with contraction in Hong Kong dollar deposits exceeding the expansion in foreign currency deposits.