Monetary Statistics for May 2004

Press Releases

30 Jun 2004

Monetary Statistics for May 2004

According to statistics published today (Wednesday) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased by 0.1% in May, as a rise of 0.4% in foreign currency deposits more than offset a 0.1% decline in Hong Kong dollar deposits.

Total loans and advances grew by 0.2% in May, with loans for use in Hong Kong and outside Hong Kong rising by 0.1% and 0.5% respectively. Analysed by currency, Hong Kong dollar loans were virtually unchanged but foreign currency loans increased. As Hong Kong dollar loans were little changed but Hong Kong dollar deposits decreased, the loan-to-deposit ratio rose to 84.7% in May.

On a seasonally adjusted basis, Hong Kong dollar M1 increased by 0.4% in May and by 42.8% from a year ago. Unadjusted Hong Kong dollar M2 and M3 both were almost unchanged during the month, as an increase in negotiable certificates of deposit held by the public nearly offset the fall in the other components of the monetary aggregates. On a year-on-year comparison, Hong Kong dollar M2 and M3 expanded by 2.8% and 2.6% respectively.

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
30 June 2004

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