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Monetary Statistics for January 1997

According to statistics published today (Friday, 28 February) by the Hong Kong Monetary Authority (HKMA), both deposits and loans and advances increased during January 1997. Table 1 summarises figures for January 1997 and comparisons with earlier months.

Deposits

Total deposits rose by 1.4% in January 1997, reversing the fall of 1.1% in December 1996. This resulted from increases in both HK$ and foreign currency deposits of 2.2% and 0.3% respectively.

The increase in HK$ deposits was led by rises in demand and time deposits, which outweighed the fall in savings deposits. Demand deposits surged further by 11.4% in January, following a 8.3% growth in the previous month, while time deposits grew by 2.4%, having fallen by 3.5% in December 1996. The rapid rise of demand deposits might reflect the increase in transaction demand for money ahead of the Chinese New Year and the buoyancy of asset markets. On the other hand, savings deposits fell by 1.2%, having risen for five consecutive months by a total of 12.8%.

US$ deposits dropped further by 0.3% during January, following a 2.7% decrease in the previous month. On the other hand, non-US$ foreign currency deposits rose by 0.9%. As a result, total foreign currency deposits registered a 0.3% rise in January.

Loans and Advances

Total loans and advances rose slightly by 0.1% in January, following a fall of 0.2% in December 1996. Domestic credit rose by 3.8%, contributed by a 0.2% increase in loans for trade financing and a 4.2% increase in other loans for use in Hong Kong. The notable growth in other loans for use in Hong Kong was partly attributable to property-related lending and partly to the credit demand for settling payments before the Chinese New Year. The result of the January 1997 Residential Mortgage Survey of 33 authorized institutions revealed that outstanding residential mortgage loans grew by 2.6% during the month. Offshore loans dropped by 3.1% in January, in part due to the valuation effect stemming from the depreciation of Japanese Yen, since the bulk of these loans are Euro-yen loans booked in Hong Kong.

Analyzed by currency, HK$ loans rose by 5% while foreign currency loans fell by 2.7% during the month. As the increase in HK$ loans was larger than that of HK$ deposits, the HK$ loan-to-deposit ratio rose to 106.1% at end-January 1997 from 103.3% at end-December 1996.

Money Supply

HK$M1 surged by 11.5% in January, reflecting an increase of 11.4% in HK$ demand deposits and a rise of 11.6% in currency held by the public. HK$M2 and HK$M3 increased by 2.7% and 2.6% respectively, reversing the 0.7% decrease in the previous month. In the twelve months to January 1997, HK$M1 rose by 25.3%, HK$M2 increased by 21.4% while HK$M3 grew by 21.1%.

TABLE 1 : MONETARY STATISTICS - JAN 1997

(HK$mn)
    Earlier months (% change to Dec 1996)
  Jan 1997Dec 1996   Oct 1996   Jan 1996  
Money Supply
M1 - HK$ 221,087 198,304 (11.5) 188,522 (17.3) 176,481 (25.3)
Foreign currency 18,150 19,149 (-5.2) 18,694 (-2.9) 19,351 (-6.2)
Total 239,237 217,453 (10.0) 207,215 (15.5) 195,832 (22.2)
M2 - HK$@ 1,543,467 1,503,341 (2.7) 1,442,300 (7.0) 1,271,678 (21.4)
Foreign currency* 1,004,813 1,003,583 (0.1) 997,368 (0.7) 999,957 (0.5)
Total 2,548,280 2,506,924 (1.6) 2,439,668 (4.5) 2,271,635 (12.2)
M3 - HK$@ 1,560,253 1,520,199 (2.6) 1,458,943 (6.9) 1,287,896 (21.1)
Foreign currency* 1,069,297 1,066,126 (0.3) 1,059,955 (0.9) 1,061,874 (0.7)
Total 2,629,550 2,586,325 (1.7) 2,518,898 (4.4) 2,349,770 (11.9)
Notes and coins in circulation 99,501 87,113 (14.2) 82,522 (20.6) 82,403 (20.7)
of which held by public 85,430 76,516 (11.6) 73,575 (16.1) 70,949 (20.4)
Total Deposits
Total Demand deposits 153,807 140,937 (9.1) 133,640 (15.1) 124,883 (23.2)
Total Savings deposits 516,864 520,575 (-0.7) 489,076 (5.7) 440,940 (17.2)
Total Time deposits 1,796,665 1,771,433 (1.4) 1,750,776 (2.6) 1,646,697 (9.1)
With licensed banks 1,736,829 1,712,989 (1.4) 1,692,518 (2.6) 1,592,566 (9.1)
With restricted licence banks 44,604 42,897 (4.0) 42,564 (4.8) 37,118 (20.2)
With deposit-taking companies 15,232 15,547 (-2.0) 15,694 (-2.9) 17,013 (-10.5)
HK$ deposits@ 1,431,081 1,399,815 (2.2) 1,344,311 (6.5) 1,180,868 (21.2)
Demand deposits 135,656 121,787 (11.4) 114,946 (18.0) 105,532 (28.5)
Savings deposits361,714 366,109 (-1.2) 343,301 (5.4) 301,200 (20.1)
Time deposits@ 933,711 911,918 (2.4) 886,063 (5.4) 774,135 (20.6)
US$ deposits* 515,408 517,126 (-0.3) 513,000 (0.5) 513,631 (0.3)
Other foreign currency deposits* 520,847 516,004 (0.9) 516,181 (0.9) 518,021 (0.5)
Foreign currency deposits* 1,036,254 1,033,130 (0.3) 1,029,181 (0.7) 1,031,652 (0.4)
All deposits 2,467,336 2,432,945 (1.4) 2,373,492 (4.0) 2,212,519 (11.5)
Foreign currency swap deposits 37,899 38,502 (-1.6) 38,889 (-2.5) 47,849 (-20.8)
Total Loans and advances
Loans for use in H.K. 1,889,694 1,820,627 (3.8) 1,759,693 (7.4) 1,596,398 (18.4)
To finance H.K.'s visible trade 164,509 165,311 (-0.5) 163,392 (0.7) 157,390 (4.5)
To finance merchandising trade not touching H.K. 21,120 19,979 (5.7) 18,998 (11.2) 18,832 (12.1)
Other loans for use in H.K. 1,704,065 1,635,337 (4.2) 1,577,304 (8.0) 1,420,177 (20.0)
Loans for use outside H.K.# 2,027,949 2,092,617 (-3.1) 2,064,114 (-1.8) 2,088,997 (-2.9)
Other loans for use outside H.K. 1,987,673 2,052,056 (-3.1) 2,024,381 (-1.8) 2,050,772 (-3.1)
Other loans where the place of use is not known 40,276 40,562 (-0.7) 39,733 (1.4) 38,225 (5.4)
Loans in HK$ 1,518,017 1,446,238 (5.0) 1,396,507 (8.7) 1,259,607 (20.5)
Loans in foreign currencies 2,399,626 2,467,006 (-2.7) 2,427,300 (-1.1) 2,425,788 (-1.1)
Total loans and advances 3,917,644 3,913,245 (0.1) 3,823,808 (2.5) 3,685,395 (6.3)

* Adjusted to exclude foreign currency swap deposits.
@ Adjusted to include foreign currency swap deposits.
# Including those where place of usage is unknown.
Note : Data may not add up to total due to rounding.

Hong Kong Monetary Authority
28 February 1997

Last revision date: 1 August 2011
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