Monetary Statistics for June 2003

According to statistics published today (Thursday) by the Hong Kong Monetary Authority, total deposits with authorized institutions grew for the third consecutive month by 0.2% in June. The increase was attributable to a 0.9% rise in Hong Kong dollar deposits, which exceeded a decline of 0.6% in foreign currency deposits.

Total loans and advances rose by 0.1% in June. Of the total, loans for use in Hong Kong were virtually unchanged during the month, while loans for use outside Hong Kong increased by 1.0%. Analysed by currency, Hong Kong dollar denominated loans and foreign currency loans both recorded a small rise. As Hong Kong dollar deposits increased more than the Hong Kong dollar loans, the Hong Kong dollar loan-to-deposit ratio fell slightly to 86.7% in June.

Analysed by economic use, property-related loans decreased in the June quarter, while trade financing rose notably. Among other sectors, loans for manufacturing, transport and transport equipment, and financial concerns also registered some increases.

On a seasonally adjusted basis, Hong Kong dollar M1 grew by 4.9% during the month and by 18.8% over a year ago. Unadjusted Hong Kong dollar M2 and M3 both rose by 0.9% during the month and by 0.5% from a year ago.

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 2003

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