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Monetary Statistics for April 1997

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

Deposits

Total deposits rose by 2.4% in April, reversing the fall of 1.4% in March. HK$ deposits and foreign currency deposits increased by 3.6% and 0.7% respectively.

The rise in HK$ deposits was across-the-board, including demand, savings and time deposits. While saving deposits recorded a modest increase of 0.9%, demand and time deposits were up sharply by 8.7% and 4% respectively. The surge in demand deposits was in line with the renewed vigour in asset markets towards late April, while the rise in time deposits reflected partly placements of new share subscription monies with banks before the refund dates.

The rise in foreign currency deposits was primarily due to an increase of 1.9% in US$ deposits, which more than offset a decrease of 0.4% in non-US$ foreign currency deposits. The latter could be partly a result of the valuation effect of exchange rate changes, as the US dollar, to which the Hong Kong dollar is linked, appreciated against most other major currencies during the month.

Loans and Advances

Total loans and advances rose by 1.5% in April, reversing the fall of 2.5% in March. Domestic credit expanded by 2.9%, with loans for trade financing rising by 2.3% and other loans increasing by 3.0%. The latter's rise was consistent with the buoyant asset markets during late April and the strong growth in residential mortgage loans. On the other hand, offshore loans grew modestly by 0.1% in April, after falling by 4.3% in the previous month.

Analyzed by currency, both HK$ loans and foreign currency loans rose during the month, by 3.4% and 0.2% respectively. As the expansion of HK$ loans was less rapid than that of HK$ deposits, the HK$ loan-to-deposit ratio edged down to 108.8% at end-April, from 109.1% at end-March.

Money Supply

HK$M1 rose by 3.8% in April, as HK$ demand deposits increased sharply by 8.7%, more than offsetting the 3.2% fall in currency held by the public. HK$M2 and HK$M3 expanded by 3.3% and 3.2% in April respectively, reversing the contraction in March. Compared to a year earlier, HK$M1, HK$M2 and HK$M3 rose by 17%, 21.9% and 21.8% respectively.

TABLE 1 : MONETARY STATISTICS - Apr 1997

(HK$mn)
Earlier months (% change to Apr 1997)
Apr 1997 Mar 1997 Jan 1997 Apr 1996
Money Supply
M1 - HK$ 206031 198406 (3.8) 221087 (-6.8) 176083 (17.0)
Foreign currency 20749 19375 (7.1) 18150 (14.3) 18858 (10.0)
Total 226780 217780 (4.1) 239237 (-5.2) 194941 (16.3)
M2 - HK$@ 1608456 1557711 (3.3) 1543467 (4.2) 1319328 (21.9)
Foreign currency* 1024424 1021025 (0.3) 1004813 (2.0) 1037216 (-1.2)
Total 2632880 2578736 (2.1) 2548280 (3.3) 2356543 (11.7)
M3 - HK$@ 1625837 1574880 (3.2) 1560022 (4.2) 1335306 (21.8)
Foreign currency* 1094945 1086301 (0.8) 1069364 (2.4) 1099886 (-0.4)
Total 2720783 2661181 (2.2) 2629386 (3.5) 2435192 (11.7)
Notes and coins in circulation 88317 94568 (-6.6) 99501 (-11.2) 81412 (8.5)
of which held by public 78758 81341 (-3.2) 85430 (-7.8) 72203 (9.1)
Total Deposits
Total Demand deposits 148022 136439 (8.5) 153807 (-3.8) 122738 (20.6)
Total Savings deposits 515906 504542 (2.3) 516864 (-0.2) 452631 (14.0)
Total Time deposits 1897817 1860438 (2.0) 1796665 (5.6) 1718108 (10.5)
With licensed banks 1834173 1800657 (1.9) 1736829 (5.6) 1660822 (10.4)
With restricted licence banks 49139 44417 (10.6) 44604 (10.2) 40700 (20.7)
With deposit-taking companies 14505 15364 (-5.6) 15232 (-4.8) 16585 (-12.5)
HK$ deposits@ 1503553 1450791 (3.6) 1431081 (5.1) 1223737 (22.9)
Demand deposits 127273 117065 (8.7) 135656 (-6.2) 103880 (22.5)
Savings deposits 358958 355826 (0.9) 361714 (-0.8) 315625 (13.7)
Time deposits@ 1017322 977899 (4.0) 933711 (9.0) 804232 (26.5)
US$ deposits* 516763 507233 (1.9) 515408 (0.3) 518526 (-0.3)
Other foreign currency deposits* 541430 543395 (-0.4) 520847 (4.0) 551215 (-1.8)
Foreign currency deposits* 1058193 1050628 (0.7) 1036254 (2.1) 1069741 (-1.1)
All deposits 2561746 2501419 (2.4) 2467336 (3.8) 2293478 (11.7)
Foreign currency swap deposits 34886 35845 (-2.7) 37899 (-8.0) 43408 (-19.6)
Total Loans and advances
Loans for use in H.K. 2023487 1966282 (2.9) 1889694 (7.1) 1653574 (22.4)
To finance H.K.'s visible trade 168356 164080 (2.6) 164509 (2.3) 164271 (2.5)
To finance merchandising trade not touching H.K. 20001 20066 (-0.3) 21120 (-5.3) 20618 (-3.0)
Other loans for use in H.K. 1835130 1782136 (3.0) 1704065 (7.7) 1468686 (25.0)
Loans for use outside H.K.# 1955456 1953626 (0.1) 2027949 (-3.6) 2126592 (-8.0)
Other loans for use outside H.K. 1910920 1910298 (0.0) 1987673 (-3.9) 2086301 (-8.4)
Other loans where the place of use is not known 44536 43328 (2.8) 40276 (10.6) 40292 (10.5)
Loans in HK$ 1636142 1582857 (3.4) 1518017 (7.8) 1303941 (25.5)
Loans in foreign currencies 2342801 2337051 (0.2) 2399626 (-2.4) 2476225 (-5.4)
Total loans and advances 3978943 3919908 (1.5) 3917644 (1.6) 3780167 (5.3)

* 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
30 May 1997

Last revision date: 1 August 2011
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