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515.5995

Press Releases

Monetary Statistics for March 1997

According to statistics published today (Wednesday, 30 April) by the Hong Kong Monetary Authority, deposits, loans and advances decreased during March 1997. Table 1 summarises figures for March 1997 and comparisons with earlier months.

Deposits

Total deposits fell by 1.3% in March, reversing the rise of 2.8% in February. Both HK$ deposits and foreign currency deposits decreased, by 2.2% and 0.1% respectively.

The decline in HK$ deposits was across-the-board, including demand, savings and time deposits. The fall in time deposits was partly due to the high base of comparison in February, when such deposits were boosted by placements of new share subscription monies before the refund dates.

The fall in foreign currency deposits was due primarily to a decrease of 1.8% in US$ deposits, which more than offset an increase of 1.5% in non-US$ foreign currency deposits.

Loans and Advances

Total loans and advances fell by 2.5% in March, reversing the rise of 2.6% in February. Domestic credit decreased by 0.6%, as the small rise of 0.1% in loans for trade financing was outweighed by the 0.6% decline in other loans for use in Hong Kong. The fall in the latter was, however, partly the result of the high base of comparison at end-February, which was up-lifted by loans for new share subscription. Offshore loans dropped by 4.3% in March, following an increase of 0.7% in the previous month, partly due to the valuation effect arising from the weakening of the Japanese yen during the month.

Analyzed by currency, both HK$ loans and foreign currency loans fell during the month, by 1.4% and 3.2% respectively. As the decline in HK$ loans was more moderate than that of HK$ deposits, the HK$ loan-to-deposit ratio edged up to 109.1% at end-March, from 108.2% at end-February.

Quarterly Analysis of Loans for Use in Hong Kong by Major Economic Sector

Loans for use in Hong Kong grew by 8.0% in the March quarter of 1997, compared with the 4.6% rise in the December quarter of 1996. Residential mortgage loans and other property-related lending surged further during the quarter, by 7% and 9.8% respectively, along with the buoyant property market. Likewise, loans to financial concerns and stock-brokers recorded notable growths of 12.5% and 15.5% respectively, while loans for wholesale and retail trade increased by 6.7%. On the other hand, in line with the slack external trade performance, loans for trade financing dropped by 0.4% in the March quarter, while lending to the manufacturing sector continued to grow slowly by 3.7%.

Money Supply

HK$M1 fell by 4.6% in March, as HK$ demand deposits dropped by 6.5% and currency held by the public fell by 1.8%. Likewise, HK$M2 and HK$M3 contracted by 2.2% and 2.1% in March, reflecting partly the high base of comparison in February. Compared to a year earlier, HK$M1, HK$M2 and HK$M3 rose by 13.2%, 18.5% and 18.4% respectively.

Note to Editor

For enquiries, please contact the Press and Publications Section, Hong Kong Monetary Authority, at telephone 2878 8261.

Hong Kong Monetary Authority
30 April 1997

TABLE 1 : MONETARY STATISTICS - Mar 1997

(HK$mn)
Earlier months (% change to Mar 1997)
Mar 1997 Feb 1997 Dec 1996 Mar 1996
Money Supply
M1 - HK$ 198406 208075 (-4.64688) 198311 (0.047905) 175267 (13.20214)
Foreign currency 19375 19753 (-1.91363) 19149 (1.180218) 20360 (-4.83792)
Total 217780 227828 (-4.41034) 217460 (0.147153) 195627 (11.3241)
M2 - HK$@ 1557711 1593462 (-2.24361) 1503603 (3.598556) 1314764 (18.47837)
Foreign currency* 1023394 1021894 (0.146786) 1003583 (1.974027) 1022952 (0.043208)
Total 2581105 2615356 (-1.30961) 2507186 (2.948285) 2337716 (10.4114)
M3 - HK$@ 1574880 1609047 (-2.12343) 1520461 (3.579112) 1330061 (18.4066)
Foreign currency* 1088670 1087734 (0.08605) 1066126 (2.114572) 1086448 (0.20452)
Total 2663550 2696781 (-1.23225) 2586587 (2.975465) 2416509 (10.22305)
Notes and coins in circulation 94568 93427 (1.221274) 87113 (8.55785) 84454 (11.97575)
of which held by public 81341 82836 (-1.80477) 76516 (6.305871) 74476 (9.217735)
Total Deposits
Total Demand deposits 136439 144992 (-5.89895) 140944 (-3.1963) 121151 (12.61896)
Total Savings deposits 504542 517482 (-2.50057) 520575 (-3.07986) 457356 (10.31713)
Total Time deposits 1862807 1874782 (-0.63874) 1771688 (5.143061) 1694071 (9.960385)
With licensed banks 1803026 1815196 (-0.67045) 1713243 (5.240529) 1637055 (10.13839)
With restricted licence banks 44417 44161 (0.579697) 42897 (3.543371) 40338 (10.11205)
With deposit-taking companies 15364 15425 (-0.39546) 15547 (-1.17708) 16678 (-7.87864)
HK$ deposits@ 1450791 1482914 (-2.16621) 1400077 (3.622229) 1215932 (19.31514)
Demand deposits 117065 125240 (-6.52747) 121794 (-3.88279) 100791 (16.14628)
Savings deposits 355826 361485 (-1.56549) 366109 (-2.80873) 320018 (11.18937)
Time deposits@ 977899 996189 (-1.836) 912173 (7.205431) 795123 (22.98714)
US$ deposits* 507233 516780 (-1.8474) 517126 (-1.91307) 526159 (-3.59701)
Other foreign currency deposits* 545764 537563 (1.525589) 516004 (5.767397) 530487 (2.879807)
Foreign currency deposits* 1052997 1054343 (-0.12766) 1033130 (1.922991) 1056646 (-0.34534)
All deposits 2503788 2537257 (-1.3191) 2433207 (2.90074) 2272578 (10.17391)
Foreign currency swap deposits 35845 36786 (-2.55804) 38502 (-6.90094) 44948 (-20.2523)
Total Loans and advances
Loans for use in H.K. 1968657 1979752 (-0.56042) 1822255 (8.034112) 1624557 (21.18116)
To finance H.K.'s visible trade 164080 162598 (0.91145) 164988 (-0.55034) 158356 (3.61464)
To finance merchandising trade not touching H.K. 20066 21409 (-6.27306) 19979 (0.435457) 20369 (-1.48755)
Other loans for use in H.K. 1784511 1795745 (-0.62559) 1637289 (8.991815) 1445832 (23.42451)
Loans for use outside H.K.# 1953626 2041205 (-4.29055) 2092617 (-6.64197) 2076063 (-5.89756)
Other loans for use outside H.K. 1910298 2000601 (-4.51379) 2052056 (-6.9081) 2036491 (-6.19659)
Other loans where the place of use is not known 43328 40603 (6.711327) 40562 (6.81919) 39572 (9.49156)
Loans in HK$ 1582857 1604565 (-1.35289) 1447866 (9.323446) 1287790 (22.91266)
Loans in foreign currencies 2339425 2416391 (-3.18516) 2467006 (-5.17149) 2412830 (-3.04228)
Total loans and advances 3922282 4020957 (-2.45402) 3914873 (0.189253) 3700619 (5.98989)

* 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.

TABLE 2: QUARTERLY ANALYSIS OF LOANS FOR USE IN HONG KONG BY SECTOR - MAR 1997

Adjusted# % change from earlier quarters to Mar 1997
Sectors Mar 1997
(HK$ Mn)
Dec 1996 Sep 1996 Mar 1996
Trade Financing 184146 -0.6 0.8 3
Manufacturing 111520 3.7 3.7 9.5
Transport and transport equipment 82685 -0.1 6.2 17.2
Building, construction, property development and investment 363878 9.8 18.1 30.1
Wholesale and retail trade 188255 6.7 5 12.5
Financial concerns * 233881 12.5 23.9 31.3
Individuals:
to purchase flats in the Home Ownership Scheme and Private Sector Participation Scheme 54039 6.7 7.6 11.6
to purchase other residential property 396307 7 14.4 26.0
other purposes 144357 11.9 14.1 25.0
Others 209587 15.6 19.5 23.3
Total 1968657 8 13 21.2


# With the introduction of the new Return on Loans and Advances and Provisions (as revised from the Return on Loans and Advances for Use in Hong Kong) as from December 1994, a number of AIs have reclassified certain components. As a result, the figures are not strictly comparable with those of previous quarters. The percentage changes given above have been adjusted, so far as possible, to remove the reclassification effect and therefore cannot be calculated directly from the published figures.
* This excludes funds advanced to authorized institutions.

Last revision date: 1 August 2011
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