Monetary Statistics for October 2008

Press Releases

28 Nov 2008

Monetary Statistics for October 2008

According to statistics published today (Friday) by the Hong Kong Monetary Authority, total deposits with authorized institutions decreased by 0.6% in October 2008. Hong Kong-dollar deposits rose by 0.3% during the month, as the increases in demand and time deposits exceeded the decline in savings deposits. Foreign-currency deposits contracted by 1.6% in October. Accounting for around 2.6% of foreign-currency deposits, renminbi deposits in Hong Kong declined further by 5.5% to RMB66.1 billion yuan at the end of October.

Total loans and advances shrank by 0.4% in October. Loans for use in Hong Kong decreased by 0.6% while loans for use outside Hong Kong increased by 0.3%. The Hong Kong-dollar loan-to-deposit ratio contracted further to 81.1% at the end of October, because loans declined but deposits grew.

Seasonally-adjusted Hong Kong-dollar M1 decreased by 0.5% in October but rose by 10.9% year on year. Unadjusted Hong Kong-dollar M3 increased by 0.3% during the month but contracted by 14.7% from a year earlier. The latter reflected the high base effect associated with vibrant IPO activities at the end of October 2007.

Annex

For further enquiries, please contact:
Thomas Chan, Communications Chief, at 2878 1480 or
Peggy Lo, Manager (Communications), at 2878 1687

Hong Kong Monetary Authority
28 November 2008

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Last revision date : 28 November 2008