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Press Releases

Monetary Statistics for August 1997

According to statistics published today (Monday, 29 September) by the Hong Kong Monetary Authority, total deposits and loans and advances fell slightly during August 1997. Table 1 gives a summary and comparisons with earlier months.

Deposits

Total deposits declined by 0.8% in August, reversing a 0.5% rise in July. The fall was primarily attributable to a 1.4% drop in HK$ deposits, which more than offset an increase of 0.2% in foreign currency deposits.

The fall in HK$ deposits was across-the-board, partly reflecting the less buoyant asset markets. During the month, demand deposits dropped by a marked 5.8%, while savings deposits declined by 2.8%. On the other hand, time deposits only fell by 0.5%, following a rise of 3% in July, as higher deposit rates continued to be offered by banks in response to sustained high interbank rates.

US$ foreign currency deposits rose by a modest 0.5% in August, having edged up by the same rate in the previous month, while non-US$ foreign currency deposits were virtually unchanged, after a 3.1% decline in July.

Loans and advances

In line with the fall in deposits, total loans and advances declined by 0.4% in August, having dropped by 0.6% in July. During the month, domestic credit expansion slowed further to 0.6%, as loans for trade financing reduced by 0.9% and other domestic loans grew more moderately at 0.8%. Meanwhile, offshore loans fell by 1.5%, having declined by 2.5% in the previous month.

Analyzed by currency, HK$ loans were up slightly by 0.3% in August, while foreign currency loans decreased by 0.9%. As HK$ loans increased but HK$ deposits declined, the HK$ loan-to-deposit ratio edged up from 107.7% at end-July to 109.6% at end-August.

Money supply

Hong Kong dollar money supply fell in August across-the-board, with HK$M1 dropping by 3.6% and HK$M2 and HK$M3 declining by 1.3% and 1.2% respectively. Compared to a year earlier, HK$M1, HK$M2 and HK$M3 rose by 13.6%, 21.8% and 21.7% respectively. Notwithstanding the slow-down, the annual growth in HK$M3 continued to outpace that of nominal GDP.

Note to editor

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

Hong Kong Monetary Authority

29 September 1997

 

MONETARY STATISTICS -- Aug 1997
(HK$mn)

    Earlier months(% change to Aug 1997)
  Aug 1997Jul 1997May 1997Aug 1996
Money Supply


M1
- HK$
- Foreign currency
- Total
M2
- HK$
- Foreign currency
- Total
M3
- HK$
- Foreign currency
- Total


Notes and coins in circulation of which held by public



200,435
20,754
221,189

1,682,216
1,049,300
2,731,516

1,700,003
1,118,252
2,818,255


90,296
79,561



207,906
20,132
228,038

1,704,434
1,047,678
2,752,112

1,720,425
1,118,619
2,839,044


89,515
79,580



(-3.6)
(3.1)
(-3.0)

(-1.3)
(0.2)
(-0.7)

(-1.2)
(0.0)
(-0.7)


(0.9)
(0.0)



205,486
20,604
226,089

1,633,702
1,075,451
2,709,153

1,650,921
1,144,753
2,795,674


88,848
78,900



(-2.5)
(0.7)
(-2.2)

(3.0)
(-2.4)
(0.8)

(3.0)
(-2.3)
(0.8)


(1.6)
(0.8)



176,382
19,673
196,054

1,380,633
1,027,164
2,407,797

1,396,382
1,093,305
2,489,687


83,174
73,796



(13.6)
(5.5)
(12.8)

(21.8)
(2.2)
(13.4)

(21.7)
(2.3)
(13.2)


(8.6)
(7.8)
Total Deposits


Total Demand deposits
Total Savings deposits
Total Time deposits

With licensed banks

With restricted licence banks

With deposit-taking companies

HK$ deposits @

Demand deposits Savings deposits Time deposits @

US$ deposits *

Other foreign currency deposits *

Foreign currency deposits*

All deposits


Foreign currency swap deposits




141,628
520,546
1,994,446


1,928,914


51,033



14,499

1,572,618

120,874
362,934
1,088,810

519,669


564,335

1,084,003

2,656,621



34,872



148,458
526,402
2,002,583


1,938,073


49,690



14,820

1,595,574

128,326
373,295
1,093,953

517,277


564,592

1,081,870

2,677,444



36,097



(-4.6)
(-1.1)
(-0.4)


(-0.5)


(2.7)



(-2.2)

(-1.4)

(-5.8)
(-2.8)
(-0.5)

(0.5)


(0.0)

(0.2)

(-0.8)



(-3.4)



147,189
532,073
1,955,323


1,893,435


47,402



14,486

1,527,119

126,585
374,008
1,026,526

521,048


586,419

1,107,467

2,634,585



36,542



(-3.8)
(-2.2)
(2.0)


(1.9)


(7.7)



(0.1)

(3.0)

(-4.5)
(-3.0)
(6.1)

(-0.3)


(-3.8)

(-2.1)

(0.8)



(-4.6)



122,259
473,487
1,746,830


1,685,963


44,889



15,978

1,280,034

102,586
332,951
844,497

515,418


547,124

1,062,542

2,342,575



40,048



(15.8)
(9.9)
(14.2)


(14.4)


(13.7)



(-9.3)

(22.9)

(17.8)
(9.0)
(28.9)

(0.8)


(3.1)

(2.0)

(13.4)



(-12.9)
Total Loans and advances


Loans for use in H.K.


To finance H.K.'s visible trade

To finance merchandising trade not touching H.K.

Other loans for use in H.K.


Loans for use outside H.K.#

Other loans for use outside H.K.


Other loans where the place of use is not known

Loans in HK$


Loans in foreign currencies
Total loans and advances




2,154,326



176,046




22,101


1,956,178


2,089,306


2,039,622





49,683

1,722,865


2,520,767

4,243,631




2,140,794



177,840




22,153


1,940,801


2,120,827


2,070,262





50,565

1,717,752


2,543,869

4,261,622




(0.6)



(-1.0)




(-0.2)


(0.8)


(-1.5)


(-1.5)





(-1.7)

(0.3)


(-0.9)

(-0.4)




2,080,880



170,613




20,067


1,890,200


2,104,473


2,057,740





46,734

1,683,947


2,501,407

4,185,354




(3.5)



(3.2)




(10.1)


(3.5)


(-0.7)


(-0.9)





(6.3)

(2.3)


(0.8)

(1.4)




1,738,365



165,052




20,566


1,552,747


2,117,759


2,077,307





40,451

1,377,566


2,478,558

3,856,124




(23.9)



(6.7)




(7.5)


(26.0)


(-1.3)


(-1.8)





(22.8)

(25.1)


(1.7)

(10.0)

 

* 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

 

Last revision date: 1 August 2011
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