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Monetary Statistics for October 1997

1. According to statistics published today (28 November) by the Hong Kong Monetary Authority, total deposits and loans and advances both fell slightly during October 1997. Table 1 gives a summary and comparisons with earlier months.

Deposits

2. Total deposits decreased by 0.7% in October, against a 2% rise in September. HK$ deposits dropped by 3.9%, while foreign currency deposits expanded by 4%.

3. The decline in HK$ deposits was across-the-board. During the month, demand and time deposits dropped by 1.9% and 2.9% respectively, while savings deposits fell for four months in a row, down by a significant 7.8%. The fall in time deposits was partly due to the high base of comparison in September, when such deposits were boosted by placements of new share subscription monies before the refund dates.

4. The expansion in foreign currency deposits was attributable primarily to a rise of 8.7% in US$ deposits, which more than offset a 0.3% fall in non-US$ foreign currency deposits.

Loans and advances

5. Total loans and advances declined slightly by 0.2% in October, compared with a rise of 0.8% in September. During the month, offshore loans recorded a mild growth of 0.6%, having declined for three consecutive months. On the other hand, domestic credit contracted by 0.9%, after expanding for six months in a row. Of the local loans, both loans for trade financing and other loans fell by 0.9%.

6. During October, HK$ loans registered a drop of 2.3%, having increased continuously since April this year. Foreign currency loans, however, rebounded by 1.4%, after declining for three consecutive months. As the decrease in HK$ deposits was larger than that of HK$ loans, the HK$ loan-to-deposit ratio rose further, from 112.1% at end-September, to 113.9% at end-October.

Money supply

7. In line with the fall in HK$ deposits, all monetary aggregates registered a decline in October, with HK$M1 decreasing by 2.1% and HK$M2 and HK$M3 falling by 3.8% respectively. In the twelve months to October, the expansion of HK$M1 decelerated to 5.9% while HK$M2 and HK$M3 moderated to 14%. The annual growth of broad money supply in October was in line with the pace of nominal GDP growth.

Note to editor

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

 

Hong Kong Monetary Authority

28 November 1997

MONETARY STATISTICS TABLES -- OCT 1997

Last revision date: 1 August 2011
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