According to statistics published today (Wednesday) by the Hong Kong Monetary Authority, total deposits with authorized institutions declined by 0.7% in November. Of the total, Hong Kong dollar deposits decreased by 3.2%, while foreign currency deposits rose by 2.3%. The drop in Hong Kong dollar deposits followed a notable increase in October, which was attributable partly to placements related to initial public offerings.
Total loans and advances shrank by 2.3% in November, with loans for use in Hong Kong and outside Hong Kong declining by 2.4% and 1.6% respectively. Analysed by currency, Hong Kong dollar loans fell, while foreign currency loans recorded a small rise. As Hong Kong dollar deposits registered a larger decrease than Hong Kong dollar loans, the Hong Kong dollar loan-to-deposit ratio increased marginally, to 82.7% in November.
On a seasonally adjusted basis, Hong Kong dollar M1 grew by 4.4% during the month and by 29.9% from a year ago. Unadjusted Hong Kong dollar M2 and M3 both dropped by 2.7% during the month, but grew by 3.9% and 3.7% respectively 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
31 December 2003