Key Information

inSight
Speeches
Speeches by Speaker
Norman T.L. Chan
Peter Pang
Eddie Yue
Arthur Yuen
Zeti Akhtar Aziz
Raymond Li
Edmond Lau
Esmond Lee
Meena Datwani
Vincent W.S. Lee
James Lau
Joseph Yam
Y K Choi
William Ryback
David Carse
Tony Latter
Andrew Sheng
Hans Genberg
Simon Topping
Michael Taylor
The Honourable Donald Tsang
Chen Yuan
Dai Xianglong
Don Brash
Jaime Caruana
Andrew Crockett
Mario Draghi
David Eldon
Stanley Fischer
Timothy F. Geithner
Stephen Grenville
Kenneth G. Lay
William McDonough
Ernest Patrikis
Glenn Stevens
Jean-Claude Trichet
Tarisa Watanagase
Zeti Akhtar Aziz
Carmen Chu
Alan Au
Press Releases
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
Press Releases by Category
Bogus Voice Message Phone Calls
Banking in Hong Kong
Fraudulent Websites, E-mails and Telephone System, and other fraud cases
Granting of Banking Licences
Exchange Fund
Table of Multiples of Notes and Payments for Allotted Amount under non-competitive tender
Table of Multiples of Notes and Payments of Application Amount under non-competitive tender
Tender of Exchange Fund Bills and Notes
Tender Results of Exchange Fund Bills and Notes
Tentative Issuance Schedule for Exchange Fund Bills and Notes
Appointments and Departures
HKMA Pay Review
HKMA Publications
Speeches
The Hong Kong Mortgage Corporation
Hong Kong Note Printing Limited
Hong Kong Institute for Monetary Research
Exchange Fund Investment Limited
Others
Hong Kong Financial Infrastructure
International Relations
Investment Products Related to Lehman Brothers
Monetary Policy
Notes and Coins
Renminbi business
Credit Card Lending Survey
Monetary Statistics
Residential Mortgage Survey
Year 2000
Others
Guidelines and Circulars
Guidelines
Circulars
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
515.5995

Press Releases

Monetary Statistics for January 1998

1. According to statistics published today (27th February) by the Hong Kong Monetary Authority, total deposits rose while loans and advances fell further in January 1998. Table 1 gives a summary and comparisons with earlier months.

Deposits

2. Total deposits increased by a modest 0.2% in January 1998, having risen by 0.3% in December 1997. HK$ deposits fell by 2.2%, while foreign currency deposits rose by 3.4%.

3. During the month, HK$ demand and savings deposits dropped by 11.2% and 9.4% respectively, while time deposits rose by 0.9%. The fall in demand and savings deposits was partly due to the long Chinese New Year holiday at around end-January, which reduced the transaction demand for money, and partly due to the seasonal demand for cash for "lai-see" during the Lunar New Year. In addition, as there was a renewed volatility in financial markets due to the Asian currency turmoil in January, the offering of higher time deposit rates by banks in response to tightened liquidity stimulated a switch from demand and savings deposits to time deposits.

4. During the month, US$ deposits rose by 4.9%, having increased by a modest 0.6% in December, while non-US$ foreign currency deposits rose by 1.8%, having fallen for three consecutive months.

Loans and advances

5. Total loans and advances fell by 0.4% in January. The fall was across-the-board. In line with the slowdown in economic activities across the region, offshore loans shrank by 0.8% and domestic loans contracted by 0.1%. Of the total credit for use in Hong Kong, loans for trade financing edged down by 0.5%, while other loans were virtually unchanged.

6. During the month, HK$ loans registered a decrease of 0.3%, following a rise of 0.7% in the previous month, while foreign currency loans contracted for three months in a row, falling by 0.4%. As HK$ deposits decreased at a faster pace than HK$ loans, the HK$ loan-to-deposit ratio rose to 115.5% at end-January 1998, from 113.3% at end-December 1997.

Money supply

7. HK$ M1 rose by 2.1% in January, as a 19.8% growth in cash held by the public stemming from the seasonal demand for currency for red packets more than outweighed the fall in demand deposits. Meanwhile, HK$M2 and HK$M3 were down by 0.9% and 1.0% respectively. In the twelve months to January 1998, HK$M1 dropped by 13.1% but HK$M2 and HK$M3 grew by 6.2% and 6.1% respectively.

Note to editor

8. For enquiries, please contact the Press and Publications Section, Hong Kong Monetary Authority. (Telephone number: 2878 8261)

Hong Kong Monetary Authority

28 February 1998



 

MONETARY STATISTICS -- Jan 1998
(HK$mn)


  Earlier months(% change to Jan 1998)

Jan 1998Dec 1997Oct 1997Jan 1997
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

 

 

192,060
19,485
211,545

1,638,449
1,133,285
2,771,734

1,654,479
1,193,966
2,848,445


114,054
96,570

 

 

188,142
19,958
208,100

1,652,816
1,091,774
2,744,590

1,670,536
1,156,484
2,827,020


92,666
80,599

 

 

(2.1)
(-2.4)
(1.7)

(-0.9)
(3.8)
(1.0)

(-1.0)
(3.2)
(0.8)


(23.1)
(19.8)

 

 

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

 

 

(-3.8)
(-7.7)
(-4.2)

(-0.4)
(1.6)
(0.4)

(-0.5)
(0.6)
(-0.1)


(26.5)
(22.7)

 

 

221,087
18,150
239,237

1,543,467
1,031,483
2,574,951

1,560,022
1,096,034
2,656,056


99,501
85,430

 

 

(-13.1)
(7.4)
(-11.6)

(6.2)
(9.9)
(7.6)

(6.1)
(8.9)
[7.2)


(14.6)
(13.0)

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

 

 

 

 

 

114,975
459,547
2,096,299


2,034,985


46,799



14,516

1,504,049

95,490
304,323
1,104,235

635,377


531,396

1,166,773

2,670,822



38,916

 

 

 

 

 

127,511
491,019
2,047,198


1,980,725


51,945



14,528

1,537,616

107,553
336,061
1,094,002

605,902


552,210

1,128,112

2,665,728



42,332

 

 

 

 

 

(-9.8)
(-6.4)
(2.4)


(2.7)


(-9.9)



(-0.1)

(-2.2)

(-11.2)
(-9.4)
(0.9)

(4.9)


(1.8)

(3.4)

(0.2)



(-8.1)

 

 

 

 

 

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

 

 

 

 

 

(-19.1)
(-4.2)
(1.2)


(1.7)


(-16.2)



(-4.0)

(-2.2)

(-21.1)
(-5.1)
(0.8)

(9.8)


(-7.9)

(0.9)

(-0.8)



(-7.2)

 

 

 

 

 

153,807
516,864
1,823,336


1,763,499


44,604



15,232

1,431,081

135,656
361,714
933,711

515,757


547,168

1,062,925

2,494,006



37,899

 

 

 

 

 

(-25.2)
(-11.1)
(15.0)


(15.4)


(4.9)



(-4.7)

(5.1)

(-29.6)
(-15.9)
(18.3)

(23.2)


(-2.9)

(9.8)

(7.1)



(2.7)

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

 

 

 

2,229,167



171,824




20,268


2,037,074


1,876,877


1,828,909





47,967

1,736,824


2,369,219

4,106,043

 

 

 

2,230,535



172,337




20,663


2,037,535


1,891,179


1,843,413





47,766

1,742,556


2,379,158

4,121,714

 

 

 

(-0.1)



(-0.3)




(-1.9)


(0.0)


(-0.8)


(-0.8)





(0.4)

(-0.3)


(-0.4)

(-0.4)

 

 

 

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

 

 

 

(0.6)



(-1.3)




(-6.4)


(0.8)


(-8.7)


(-8.7)





(-6.7)

(-0.8)


(-6.0)

(-3.9)

 

 

 

1,889,694



164,509




21,120


1,704,065


2,027,949


1,987,673





40,276

1,518,017


2,399,626

3,917,644

 

 

 

(18.0)



(4.4)




(-4.0)


(19.5)


(-7.4)


(-8.0)





(19.1)

(14.4)


(-1.3)

(4.8)


* 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
ABOUT THE HKMA
The HKMA
Tender Invitations
Careers@HKMA
Legislative Council Issues
Links
The HKMA Information Centre
KEY FUNCTIONS
Monetary Stability
Banking Stability
International Financial Centre
Exchange Fund
PUBLICATIONS & RESEARCH
Annual Report
Half-Yearly Monetary & Financial Stability Report
Quarterly Bulletin
HKMA Background Briefs
Reference Materials
Research
MARKET DATA & STATISTICS
CMU Bond Price Bulletin
Economic & Financial Data for Hong Kong
Monthly Statistical Bulletin
Monetary Statistics
KEY INFORMATION
Press Releases
Speeches
Guidelines & Circulars
Forthcoming Events
inSight
OTHER INFORMATION
Information in Other Languages (Bahasa Indonesia, हिन्दी, नेपाली, ਪੰਜਾਬੀ, Tagalog, ไทย, اردو)
Account Opening
Consumer Corner
Consumer Education Programme
Complaints about Banks
Complaints about SVF Licensees
Internet Banking
Fraudulent Bank Websites, Phishing E-mails and Similar Scams
Be Careful of Bogus Phone Calls and SMS Messages
Authenticate the Callers and Bank Hotline Numbers
Register of AIs & LROs
Register of Securities Staff of AIs
Register of SVF Licensees
Investment Products Related to Lehman Brothers
Photo Gallery