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Press Releases

Monetary Statistics for November 1997

According to statistics published today (30th December) by the Hong Kong Monetary Authority, total deposits as well as loans and advances fell during November 1997. Table 1 gives a summary and comparisons with earlier months.

Deposits

Total deposits declined by 1.3% in November, having decreased by 0.7% in the previous month. HK$ deposits fell by 1.1% while foreign currency deposits were down by 1.6%.

During the month, HK$ demand deposits dropped sharply, by 12%, after a decline of 1.9% in October, while time deposits fell by a modest 0.9%. On the other hand, savings deposits rebounded by 2.5%, having decreased continuously from July to October. The significant reduction in demand deposits was partly attributable to the weak asset markets amid the turbulence in Asian financial markets, as the transactions demand for money fell.

The fall in foreign currency deposits was attributable primarily to a decline of 7.2% in non-US$ foreign currency deposits, which more than offset a rise of 4.1% in US$ deposits. The former 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 dropped by 2% in November, after decreasing by 0.2% in October. The fall was across-the-board, with offshore loans declining by 3.9%, due partly to the valuation effect of a strong US dollar, while domestic credit contracted by a 0.3% along with the downturn of asset markets. Of the local loans, loans for trade financing fell for four months in a row, being down by 1.5% in November, while other loans dropped slightly by 0.1%, having decreased by 0.9% in the previous month.

During November, HK$ loans registered a drop of 1.2%, having decreased by 2.3% in October, while foreign currency loans fell by 2.6%, after a rise of 1.4%. As HK$ deposits and loans contracted at about the same pace, the HK$ loan-to-deposit ratio was virtually unchanged at 113.9% at end-November.

Money supply

All monetary aggregates fell in November, with HK$M1 declining by 7.4%, HK$M2 by 0.6% and HK$M3 by 0.7%. In the twelve months to November, HK$M1 dropped by 1.2% while the growth of HK$M2 and HK$M3 decelerated to 7.9%, due partly to the high base of comparison in November 1996 when deposits and money supply were boosted by new share flotations.

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 December 1997

MONETARY STATISTICS -- Nov 1997
(HK$mn)

    Earlier months(% change to Nov 1997)
  Nov 1997Oct 1997Aug 1997Nov 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



185,016
22,278
207,294

1,634,608
1,099,762
2,734,370

1,651,793
1,167,897
2,819,690


89,526
78,567



199,721
21,108
220,830

1,644,789
1,115,400
2,760,189

1,663,039
1,187,379
2,850,418


90,127
78,716



(-7.4)
(5.5)
(-6.1)

(-0.6)
(-1.4)
(-0.9)

(-0.7)
(-1.6)
(-1.1)


(-0.7)
(-0.2)



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



(-7.7)
(7.3)
(-6.3)

(-2.8)
(4.8)
(0.1)

(-2.8)
(4.4)
(0.1)


(-0.9)
(-1.2)



187,289
19,945
207,235

1,514,450
1,040,796
2,555,246

1,531,238
1,105,001
2,636,239


84,176
74,816



(-1.2)
(11.7)
(0.0)

(7.9)
(5.7)
(7.0)

(7.9)
(5.7)
(7.0)


(6.4)
(5.0)
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




128,727
486,499
2,043,036


1,975,482


52,633



14,921

1,520,471

106,449
328,606
1,085,416

602,204


535,586

1,137,791

2,658,262



41,390



142,114
479,689
2,071,295


2,000,336


55,843



15,116

1,537,192

121,006
320,662
1,095,525

578,760


577,145

1,155,905

2,693,097



41,917



(-9.4)
(1.4)
(-1.4)


(-1.2)


(-5.7)



(-1.3)

(-1.1)

(-12.0)
(2.5)
(-0.9)

(4.1)


(-7.2)

(-1.6)

(-1.3)



(-1.3)



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



(-9.1)
(-6.5)
(2.4)


(2.4)


(3.1)



(2.9)

(-3.3)

(-11.9)
(-9.5)
(-0.3)

(15.9)


(-5.1)

(5.0)

(0.1)



(18.7)



132,419
505,110
1,847,695


1,789,020


42,888



15,787

1,414,677

112,473
357,293
944,911

531,721


538,826

1,070,546

2,485,224



39,043



(-2.8)
(-3.7)
(10.6)


(10.4)


(22.7)



(-5.5)

(7.5)

(-5.4)
(-8.0)
(14.9)

(13.3)


(-0.6)

(6.3)

(7.0)



(6.0)
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




2,209,968



171,840




20,943


2,017,184


1,975,423


1,926,875





48,549

1,731,136


2,454,256

4,185,392




2,215,866



174,024




21,656


2,020,186


2,054,830


2,003,419





51,411

1,751,463


2,519,233

4,270,696




(-0.3)



(-1.3)




(-3.3)


(-0.1)


(-3.9)


(-3.8)





(-5.6)

(-1.2)


(-2.6)

(-2.0)




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




(2.6)



(-2.4)




(-5.2)


(3.1)


(-5.5)


(-5.5)





(-2.3)

(0.5)


(-2.6)

(-1.4)




1,829,423



164,088




19,017


1,646,318


2,090,142


2,049,288





40,854

1,460,511


2,459,054

3,919,565




(20.8)



(4.7)




(10.1)


(22.5)


(-5.5)


(-6.0)





(18.8)

(18.5)


(-0.2)

(6.8)

 

* 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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