Monetary Statistics for April 2004

According to statistics published today (Monday) by the Hong Kong Monetary Authority, total deposits with authorized institutions decreased for the second consecutive month by 0.4% in April, as a decline of 1.0% in Hong Kong dollar deposits more than offset a 0.4% rise in foreign currency deposits.

Total loans and advances grew by 0.1% in April. Loans for use in Hong Kong increased by 0.4%, while those for use outside Hong Kong fell by 2.1%. Analysed by currency, Hong Kong dollar loans rose but foreign currency loans declined. As Hong Kong dollar loans expanded but Hong Kong dollar deposits decreased, the loan-to-deposit ratio rose to 84.6% in April.

On a seasonally adjusted basis, Hong Kong dollar M1 grew by 1.2% in April and by 45.6% from a year ago. Unadjusted Hong Kong dollar M2 and M3 both declined by 0.9% during the month, but increased by 4.1% and 3.9% respectively on a year-on-year comparison.

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 May 2004

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