Monetary Statistics for March 2005

Press Releases

29 Apr 2005

Monetary Statistics for March 2005

According to statistics published today (Friday) by the Hong Kong Monetary Authority, total deposits with authorized institutions declined by 1.4% in March 2005, as a 3.2% fall in Hong Kong dollar deposits outweighed a rise of 0.6% in foreign currency deposits. Within foreign currency deposits, renminbi deposits amounted to RMB15.0 billion yuan in March, compared with RMB13.9 billion yuan in February.

Total loans and advances decreased by 1.9% in March, with loans for use in Hong Kong and outside Hong Kong falling by 1.9% and 2.0% respectively. Analysed by currency, Hong Kong dollar and foreign currency loans both declined. As Hong Kong dollar deposits decreased more than Hong Kong dollar loans, the loan-to-deposit ratio increased to 84.8% in March.

Loans analysed by economic uses were mixed in the March quarter. Lending to the manufacturing sector, stockbrokers, and building, construction, property development and investment registered notable increases on a quarter-on-quarter comparison. On the other hand, lending to financial concerns, wholesale and retail trade, and transport-related loans decreased moderately during the quarter.

On a seasonally adjusted basis, Hong Kong dollar M1 fell by 3.8% in March, but rose by 2.8% from a year ago. Unadjusted Hong Kong dollar M2 and M3 both decreased by 3.0% during the month, but grew by 6.4% and 6.2% respectively from a year earlier.

For further enquiries, please contact:

Jasmin Fung, Manager (Press), at 2878 8246 or
H. F. Wong, Resource Coordinator (Press), at 2878 1802

Hong Kong Monetary Authority
29 April 2005

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