Monetary Statistics for December 2008

Press Releases

30 Jan 2009

Monetary Statistics for December 2008

According to statistics published today (Friday) by the Hong Kong Monetary Authority, total deposits with authorized institutions expanded by 2.6% in December 2008. Hong Kong-dollar deposits rose by 2.5% during the month, as the increases in demand and savings deposits exceeded the decline in time deposits. Foreign-currency deposits also grew by 2.8% in December. Accounting for around 2.1% of foreign-currency deposits, renminbi deposits in Hong Kong declined further by 9.5% to RMB56.1 billion at the end of December.

Total loans and advances shrank by 2.1% in December. Loans for use in Hong Kong decreased by 1.9% and loans for use outside Hong Kong declined by 2.9%. Because loans contracted while deposits climbed, the Hong Kong-dollar loan-to-deposit ratio moderated further to 77.6% at the end of December.

In the final quarter of 2008, loans for use in Hong Kong contracted by 3.5%. Analysed by economic uses, most types of loans declined amid the worsened global financial crisis. Lending to financial concerns shrank by 5.4% and trade financing loans declined for the second consecutive quarter.

Seasonally-adjusted Hong Kong-dollar M1 increased by 4.0% in December and rose by 8.0% from a year earlier. Unadjusted Hong Kong-dollar M3 grew by 2.5% during the month but contracted by 1.2% year on year.

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
30 January 2009

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Last revision date : 30 January 2009