Monetary Statistics for February 2004

According to statistics published today (Wednesday) by the Hong Kong Monetary Authority, total deposits with authorized institutions grew for the third consecutive month by 1.2% in February. Of the total, Hong Kong dollar deposits and foreign currency deposits rose by 1.8% and 0.4% respectively.

Total loans and advances grew by 1.9% in February, with loans for use in Hong Kong and outside Hong Kong rising by 1.9% and 1.6% respectively. Analysed by currency, Hong Kong dollar and foreign currency loans both increased. As Hong Kong dollar loans registered a larger rise than Hong Kong dollar deposits, the loan-to-deposit ratio rose to 82.7% in February.

On a seasonally adjusted basis, Hong Kong dollar M1 grew by 1.7% during the month and by 41.2% from a year ago. Unadjusted Hong Kong dollar M2 and M3 rose by 1.3% and 1.4% respectively during the month, and by 11.3% and 11.1% on a year-on-year comparison.

For further enquiries, please contact:

Kevin Ip, Manager (Press), at 2878 1687 or
Thomas Chan, Senior Manager (Press), at 2878 1480

Hong Kong Monetary Authority
31 March 2004

Table