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.