FRENCH JANUARY M-3 MONEY SUPPLY RISES ONE PCT

  French money supply, measured in terms of
  M-3, rose a provisional one pct in January after falling 0.7
  pct in December, the Bank of France said.
      M-3 is the main money supply aggregate used by the French
  monetary authorities. It has been joined as a second main money
  supply aggregate for 1987 by M-2, which rose a provisional 1.2
  pct in January after falling a confirmed 0.9 pct in December.
      Calculated on a three-month moving average basis, M-3 rose
  4.4 pct year-on-year in the quarter based on December after
  rising 5.4 pct in the quarter centred on September.
      The M-2 aggregate, centred on a three-month moving average,
  rose year-on-year by four pct, within a 1987 target range of
  four to six pct.
      M-1 rose 2.5 pct after a 1.1 pct fall in December. M-1
  measures notes and coins in circulation plus sight deposits.
      M-2 adds in short-term bank deposits and M-3 adds in other
  short-term deposits.
      The central bank's widest measure of liquidity, L, rose 1.5
  pct in January after one pct fall in December. The bank said
  the money supply growth reflected a net increase of sight
  deposits and renewed interest in money market instruments.
  

