Monetary Statistics for March 2007

According to statistics published today (Monday) by the Hong Kong Monetary Authority, total deposits with authorized institutions decreased by 0.7% in March 2007. Hong Kong dollar and foreign currency deposits declined by 1.2% and 0.1% respectively. Within foreign currency deposits, renminbi deposits increased to RMB 25.2 billion yuan.

Total loans and advances decreased by 0.7% during the month, as the decline in Hong Kong dollar loans exceeded the increase in foreign currency loans. Loans for use in Hong Kong shrank by 1.1%, while loans for use outside Hong Kong grew by 2.2%. The Hong Kong dollar loan-to-deposit ratio remained steady and stood at 75.7% at the end of March.

On a quarter-on-quarter basis, loans for use in Hong Kong increased by 7.6% in March. Analysed by economic uses, lending to stockbrokers and financial concerns registered notable increases in the first quarter.

On a seasonally adjusted basis, Hong Kong dollar M1 increased by 3.2% in March and by 14.2% from a year earlier. Unadjusted Hong Kong dollar M2 and M3 both declined by 1.4% during the month. On a year-on-year basis, Hong Kong dollar M2 and M3 increased by 20.2% and 20.1% respectively.

Annex

For further enquiries, please contact:
Sara Yip, Manager (Press), at 2878 8246 or
Hing-fung Wong, Officer (Press), at 2878 1802

Hong Kong Monetary Authority
30 April 2007