Monetary Statistics for November 2004

According to statistics published today (Friday) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased further by 3.9% in November. Of the total, Hong Kong dollar and foreign currency deposits rose by 3.3% and 4.6% respectively. Within foreign currency deposits, renminbi deposits amounted to RMB10.6　billion yuan in November, compared with RMB8.4　billion yuan in October.

Total loans and advances expanded for the fourth consecutive month by 3.2% in November, with loans for use in Hong Kong and outside Hong Kong rising by 3.0% and 4.3% respectively. Analysed by currency, Hong Kong dollar and foreign currency loans both recorded an increase. As the rate of increase in Hong Kong dollar deposits was smaller than that of Hong Kong dollar loans, the loan-to-deposit ratio edged up to 84.0% in November.

On a seasonally adjusted basis, Hong Kong dollar M1 grew by 3.1% in November and by 23.0% from a year ago. Unadjusted Hong Kong dollar M2 and M3 rose by 3.1% and 3.0% respectively during the month, and by 5.5% and 5.2% from a year earlier.

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 2004

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