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Monetary Statistics for June 1997

1. According to statistics published today (Thursday, 31 July) by the Hong Kong Monetary Authority, deposits, loans and advances increased during June 1997. Table 1 gives a summary and comparisons with earlier months.

Deposits

2. Total deposits rose by 1.1% in June, having increased by 1.3% in May. The rise was mainly contributed by a 2.5% surge in HK$ deposits, which more than compensated for the fall of 0.9% in foreign currency deposits.

3. During the month, HK$ demand deposits fell by 2.7%, after declining by 0.5% in May. On the other hand, savings deposits were up by 1.9%, following a sharp increase of 4.2% in the previous month, while time deposits grew markedly by 3.4%, having increased by 0.9%.

4. US$ foreign currency deposits fell further by 1.2% in June, after decreasing by 0.7% in the previous month, while non-US$ foreign currency deposits declined slightly by 0.6%, reversing the rise of 2.3% in May.

Loans and advances

5. The growth of total loans and advances moderated to 2.4% in June, from 5.2% in May. During the month, domestic credit expanded more slowly by 1.5%, as the slowdown in other local loans more than offset the pick-up in loans for trade financing. Meanwhile, offshore loans grew by 3.3%, having increased strongly by 7.6% in the previous month.

6. Analyzed by currency, HK$ loans rose by 0.1% in June while foreign currency loans increased by 3.9%. As the expansion of HK$ loans was slower than that of HK$ deposits, the HK$ loan-to-deposit ratio fell to 107.6% at end-June, from 110.2% at end-May.

Quarterly analysis of loans for use in Hong Kong by major economic sector

7. Domestic credit grew at a rapid pace in the June quarter, although somewhat slower than the March quarter. For the June quarter as a whole, residential mortgage loans and other property-related lending rose by 8.7% and 11.5% respectively, along with the buoyant property market, while loans to stock-brokers expanded by a marked 19.1%, fuelled by the active stock market. In line with the pick-up of retail sales, loans for wholesale and retail trade rose further by 6.2%, after increasing by 6.6% in the preceding quarter. While loans for trade financing also rebounded by 6.5%, having dropped by 0.5% in the March quarter, lending to the manufacturing sector remained subdued, rising by a modest 1.7%.

Money supply

8. HK$M1 fell by 0.3% in June, as the decline in HK$ demand deposits more than offset the 3.6% rise in currency held by the public. HK$M2 and HK$M3 both expanded by 2.5% during the month. Compared to a year earlier, HK$M1, HK$M2 and HK$M3 rose by 15.5%, 24.1% and 23.8% respectively.

Note to editor

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

Hong Kong Monetary Authority
31 July 1997

Last revision date: 1 August 2011
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