Monetary Statistics for December 2001
According to statistics published today (31 January) by the Hong Kong Monetary Authority, both total deposits and loans of all authorized institutions declined during the month of December. Table 1 provides a summary and comparison with earlier months.
Total deposits decreased moderately by 1.1% in December. The fall was attributable to a decline in foreign currency deposits, which more than offset a rise in Hong Kong dollar deposits.
Within Hong Kong dollar deposits, demand and savings deposits increased, by 4.7% and 2.9% respectively, while time deposits decreased moderately by 1.7% in December. Foreign currency deposits contracted by 2.6%, with both US dollar and non-US dollar foreign currency deposits declining.
Loans and advances
Total loans and advances contracted by 1.2% in December. Of the total, loans for use outside Hong Kong shrank notably by 5.7%, while domestic loans declined marginally by 0.4%.
Analysed by currency, Hong Kong dollar denominated loans increased marginally, while foreign currency loans declined significantly in December. As Hong Kong dollar loans increased faster than Hong Kong dollar deposits during the month, the Hong Kong dollar loan-to-deposit ratio edged up slightly to 89%.
On a seasonally adjusted basis, Hong Kong dollar M1 rose moderately by 1.9% in December, attributable to increases in both currency held by the public and demand deposits. Both unadjusted Hong Kong dollar M2 and M3 increased by 0.3% in December. Compared with a year ago, unadjusted Hong Kong dollar M1 increased by 12.8%, while Hong Kong dollar M2 and M3 rose by 0.5% and 0.7% respectively.
Quarterly analysis of loans for use in Hong Kong by major economic sectors
Credit expansion analysed by economic use was mixed in the December quarter.
Loans for residential mortgages grew slightly by 0.5% on a quarter-on-quarter basis, while loans for building, construction, property development and investment increased by 0.9%. Loans for trade financing shrank notably by 8.7% amid a reduction in external trade, while loans for wholesale and retail trade contracted by 7%.
For further enquiries, please contact:
Jasmin Fung, Manager (Press), at 2878 8246 or
Sylvia Yip, Manager (Press), at 2878 1687
Hong Kong Monetary Authority
31 January 2002