According to statistics published today (Monday) by the Hong Kong Monetary Authority, total deposits with authorized institutions declined by 0.3% in January 2005, with Hong Kong dollar and foreign currency deposits falling by 0.4% and 0.1% respectively. Within foreign currency deposits, renminbi deposits amounted to RMB13.1 billion yuan in January, compared with RMB12.1 billion yuan in December 2004.
Total loans and advances rose by 2.3%, as an increase of 2.7% in loans for use in Hong Kong more than offset a decline of 1.4% in loans for use outside Hong Kong. Analysed by currency, Hong Kong dollar loans increased while foreign currency loans recorded a decline. As Hong Kong dollar loans expanded but Hong Kong dollar deposits declined, the loan-to-deposit ratio rose to 85.5% in January.
On a seasonally adjusted basis, Hong Kong dollar M1 grew by 5.9% in January and by 19.3% from a year ago. Unadjusted Hong Kong dollar M2 declined by 0.1% and M3 was virtually unchanged during the month. On a year-on-year comparison, M2 and M3 increased by 1.6% and 1.5% respectively.
For further enquiries, please contact:
Jasmin Fung, Manager (Press), at 2878 8246 or
Kevin Ip, Manager (Press), at 2878 1687
Hong Kong Monetary Authority
28 February 2005