According to statistics published today (Tuesday) by the Hong Kong Monetary Authority, total deposits with authorized institutions grew for the fifth consecutive month by 0.5% in August. The increase was attributable to a 0.7% rise in Hong Kong dollar deposits and a 0.1% increase in foreign currency deposits.
Total loans and advances shrank by 0.4% in August. The drop was broad-based, with loans for use in Hong Kong and those outside Hong Kong falling by 0.4% and 1.0% respectively. Analysed by currency, Hong Kong dollar denominated loans and foreign currency loans both recorded a small decline. As Hong Kong dollar deposits increased while Hong Kong dollar loans decreased, the Hong Kong dollar loan-to-deposit ratio fell to 84.8% in August.
On a seasonally adjusted basis, Hong Kong dollar M1 grew by 2.2% during the month and by 20.6% from a year ago. Unadjusted Hong Kong dollar M2 and M3 rose by 0.9% and 0.7% respectively during the month, and by 2.7% and 2.5% on a year-on-year comparison.
For further enquiries, please contact:
Jasmin Fung, Manager (Press), at 2878 8246 or
Kevin Ip, Manager (Press), at 2878 1687
Hong Kong Monetary Authority
30 September 2003