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Press Releases

Monetary Statistics for April 1998

According to statistics published today (29 May) by the Hong Kong Monetary Authority, total deposits and loans and advances both registered a modest fall in April 1998. Table 1 gives a summary and comparisons with earlier months.

Deposits

Having risen by 0.1% in March, total deposits declined by 0.4% in April. The fall in deposits was attributable to a 1.1% decrease in foreign currency deposits, which more than offset a rise of 0.2% in HK$ deposits. The share of HK$ deposits to total deposits rose to 57.7% at end-April 1998, from 57.4% at end-March 1998.

HK$ deposits rose for the third consecutive month. Time deposits rose by 0.8%, despite the easing of time deposit rates in April, more than compensating for a fall of 0.7% in demand deposits and a decline of 1.6% in savings deposits.

As for foreign currency deposits, US$ deposits dropped for the second consecutive month, down by 1.2% in April. Non-US$ foreign currency deposits also fell by 1.0%, following a decline of 0.1% in the previous month.

Loans and advances

Total loans and advances declined by 0.1% in April. The fall was attributable to a contraction in offshore lending, which dropped by a modest 0.3%, following a sharp decline of 14.2% in March. Meanwhile, local credit demand continued to be subdued, with loans for trade financing falling by 1.2 % and other loans rising by a meagre 0.1%, as domestic economic activity remained slow.

During April, HK$ loans grew by 0.4%, while foreign currency loans dropped further by 0.6%. As the increase in HK$ loans was faster than that of HK$ deposits, the HK$ loan-to-deposit ratio rose to 111.5% at end-April, from 111.3% at end-March.

Money supply

HK$ M1 fell by 0.9% in April, with cash held by the public declining by 1.3% and demand deposits decreasing by 0.7%. Meanwhile, HK$M2 and HK$M3 were both up by 0.2%. In the twelve months to April, HK$M1 dropped by 10.8%, while HK$M2 and HK$M3 grew by 4.6% and 4.4% respectively.

Note to editor

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

Hong Kong Monetary Authority

29 May 1998

 

TABLE 1 : MONETARY STATISTICS - Apr 1998

                (HK$mn)
      Earlier months (% change to Apr 1998)  
                             
    Apr 1998 Mar 1998   Jan 1998   Apr 1997  
Money Supply                
                             
M1 - HK$   183,749 185,507 (-0.9) 192,060 (-4.3) 206,031 (-10.8)
Foreign currency   17,387 16,414 (5.9) 19,485 (-10.8) 20,749 (-16.2)
Total   201,136 201,921 (-0.4) 211,545 (-4.9) 226,780 (-11.3)
M2 - HK$@   1,682,846 1,678,693 (0.2) 1,638,633 (2.7) 1,608,177 (4.6)
Foreign currency*   1,122,951 1,129,853 (-0.6) 1,132,899 (-0.9) 1,064,078 (5.5)
Total   2,805,797 2,808,546 (-0.1) 2,771,532 (1.2) 2,672,254 (5.0)
M3 - HK$@   1,697,162 1,693,582 (0.2) 1,654,664 (2.6) 1,625,293 (4.4)
Foreign currency*   1,172,170 1,185,249 (-1.1) 1,193,580 (-1.8) 1,134,486 (3.3)
Total   2,869,332 2,878,831 (-0.3) 2,848,244 (0.7) 2,759,779 (4.0)
                             
Notes and coins in circulation   90,458 91,684 (-1.3) 114,054 (-20.7) 88,317 (2.4)
of which held by public   80,181 81,205 (-1.3) 96,570 (-17.0) 78,758 (1.8)
                             
                             
Total Deposits                
                             
Total Demand deposits   120,955 120,716 (0.2) 114,975 (5.2) 148,022 (-18.3)
Total Savings deposits   510,846 517,489 (-1.3) 459,547 (11.2) 515,906 (-1.0)
Total Time deposits   2,072,382 2,075,735 (-0.2) 2,096,098 (-1.1) 1,937,014 (7.0)
With licensed banks   2,022,802 2,020,890 (0.1) 2,034,783 (-0.6) 1,873,615 (8.0)
With restricted licence banks   38,157 42,314 (-9.8) 46,799 (-18.5) 48,894 (-22.0)
With deposit-taking companies   11,423 12,531 (-8.8) 14,516 (-21.3) 14,505 (-21.2)
HK$ deposits@   1,559,950 1,557,098 (0.2) 1,504,233 (3.7) 1,503,209 (3.8)
Demand deposits   103,568 104,302 (-0.7) 95,490 (8.5) 127,273 (-18.6)
Savings deposits   357,028 362,660 (-1.6) 304,323 (17.3) 358,958 (-0.5)
Time deposits@   1,099,355 1,090,135 (0.8) 1,104,420 (-0.5) 1,016,977 (8.1)
US$ deposits*   610,535 617,730 (-1.2) 634,991 (-3.9) 524,754 (16.3)
Other foreign currency deposits*   533,697 539,112 (-1.0) 531,396 (0.4) 572,980 (-6.9)
Foreign currency deposits*   1,144,232 1,156,842 (-1.1) 1,166,387 (-1.9) 1,097,734 (4.2)
All deposits   2,704,182 2,713,940 (-0.4) 2,670,620 (1.3) 2,600,943 (4.0)
                             
Foreign currency swap deposits   40,309 40,194 (0.3) 39,100 (3.1) 34,886 (15.5)
                             
                             
Total Loans and advances                
                             
Loans for use in H.K.   2,203,525 2,203,438 (0.0) 2,228,811 (-1.1) 2,023,556 (8.9)
To finance H.K.'s visible trade   159,889 162,479 (-1.6) 171,778 (-6.9) 168,356 (-5.0)
To finance merchandising trade not touching H.K.   19,929 19,513 (2.1) 20,283 (-1.7) 19,811 (0.6)
Other loans for use in H.K.   2,023,707 2,021,446 (0.1) 2,036,750 (-0.6) 1,835,389 (10.3)
Loans for use outside H.K.#   1,512,243 1,517,192 (-0.3) 1,877,736 (-19.5) 1,955,355 (-22.7)
Other loans for use outside H.K.   1,471,838 1,474,825 (-0.2) 1,829,769 (-19.6) 1,910,819 (-23.0)
Other loans where the place of use is not known   40,405 42,367 (-4.6) 47,967 (-15.8) 44,535 (-9.3)
Loans in HK$   1,739,590 1,732,612 (0.4) 1,737,268 (0.1) 1,636,110 (6.3)
Loans in US$   730,639 742,983 (-1.7) 787,720 (-7.2) 683,070 (7.0)
Loans in other foreign currencies   1,245,539 1,245,036 (0.0) 1,581,559 (-21.2) 1,659,731 (-25.0)
Loans in foreign currencies   1,976,177 1,988,019 (-0.6) 2,369,279 (-16.6) 2,342,801 (-15.6)
Total loans and advances   3,715,768 3,720,630 (-0.1) 4,106,547 (-9.5) 3,978,911 (-6.6)
                             
                             
                             
* 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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