Monetary Statistics for April 2003

According to statistics published today (Friday) by the Hong Kong Monetary Authority, total deposits with authorized institutions rose by 0.5% in April, as a 1.4% increase in foreign currency deposits outweighed a decline of 0.2% in Hong Kong dollar deposits.

Total loans and advances shrank by 0.7% in April. The drop was broad-based, with loans for use in Hong Kong and outside Hong Kong falling by 0.7% and 1.0% respectively. Analysed by currency, both Hong Kong dollar denominated loans and foreign currency loans declined during the month. As Hong Kong dollar loans registered a larger decrease than Hong Kong dollar deposits, the Hong Kong dollar loan-to-deposit ratio fell slightly to 88.7%.

On a seasonally-adjusted basis, Hong Kong dollar M1 grew by 1.2% during the month and by 12.4% over a year ago. Unadjusted Hong Kong dollar M2 and M3 were both virtually unchanged in April, but dropped by 1.1% and 1.0% respectively on a year-on-year comparison.

For further enquiries, please contact:

Sylvia Yip, Manager (Press), at 2878 1687 or
Thomas Chan, Senior Manager (Press), at 2878 1480

Hong Kong Monetary Authority
30 May 2003

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