Monetary Statistics for June 2001
According to statistics published today (Tuesday) by the Hong Kong Monetary Authority, total deposits of all authorized institutions increased, while loans and advances declined during the month of June. Table 1 provides a summary and comparison with earlier months.
Total deposits rose by 0.1% in June. The rise was attributable to increases in Hong Kong dollar and US dollar deposits, which more than offset a decline in non-US dollar foreign currency deposits.
Hong Kong dollar deposits increased moderately by 0.7% in June. This was attributable to increases in demand and savings deposits, which exceeded a drop in time deposits. Foreign currency deposits decreased slightly by 0.5%. Of the total, US dollar deposits rose by 0.9%, while non-US dollar foreign currency deposits declined by 2.9%.
Loans and advances
Total loans and advances contracted by 1.1% in June. Of the total, domestic loans declined slightly by 0.2%, while loans for use outside Hong Kong shrank notably by 5.7%.
Analysed by currency, Hong Kong dollar denominated loans increased marginally, while foreign currency loans contracted in June. As Hong Kong dollar loans increased less than Hong Kong dollar deposits, the Hong Kong dollar loan-to-deposit ratio declined to 90.8% in June.
On a seasonally adjusted basis, Hong Kong dollar M1 rose slightly by 0.4% in June. Of the total, currency held by the public increased by 1.5%, which more than offset a decline in demand deposits. Both unadjusted Hong Kong dollar M2 and M3 rose slightly, by 0.7% in June. Compared with a year ago, unadjusted Hong Kong dollar M1 increased by 3.9%, while Hong Kong dollar M2 and M3 rose by 3.0% and 3.1% respectively.
Quarterly analysis of loans for use in Hong Kong by major economic sectors
Credit expansion analysed by economic use was mixed in the June quarter. Notwithstanding a consolidation in the stock market, loans for stockbrokers saw a notable quarter-on-quarter rise of 27.2%. Loans for credit card advances increased further by 5.4%, while loans for trade financing rebounded by 2.0% in the June quarter, following three consecutive quarters of declines. Loans for residential mortgages rose by 1.0%. On the other hand, loans for financial concerns and those for building, construction, property development and investment declined during the quarter, by 5.6% and 3.2% respectively.
For further enquiries, please contact:
Jasmin Fung, Manager (Press), at 2878 8246 or
Thomas Chan, Senior Manager (Press), at 2878 1480
Hong Kong Monetary Authority
31 July 2001