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Press Releases

Monetary Statistics for May 1998

1. According to statistics published today (June 29, 1998) by the Hong Kong Monetary Authority, domestic credit registered a mild pick-up in May 1998. Table 1 gives a summary and comparisons with earlier months.

Loans and advances

2. During May, local credit demand rose for the second consecutive month, up by 0.5%, reversing the downward trend in the first quarter. Of the total domestic loans, loans for trade financing, which accounts for less than 10% of total local credit, fell by 1.1 %, while other loans for use in Hong Kong grew by 0.6%. Meanwhile, owing in part to the valuation effect of a weaker yen, offshore lending dropped by 4.4% during the month. As a result, total loans and advances declined by 1.5% in May.

Deposits

3. Total deposits fell by 1.2% in May, with both HK$ and foreign currency deposits contracting by similar amounts. As a result, the share of HK$ deposits to total deposits was virtually unchanged at 57.7% at end-May 1998.

4. Having risen for three consecutive months, HK$ deposits dropped by 1.2% in May. Of the total, time deposits rose by 1.4%, but demand and savings deposits fell by a significant 10. 4% and 6.5% respectively. This reflected in part depositors' preference towards time deposits as a result of banks' offering of higher time deposit rates in May.

5. Both US$ and non-US$ foreign currency deposits declined for the third straight month, down by 0.7% and 2.0% respectively in May. The latter was partly a result of the valuation effect of exchange rate changes, as the US dollar, to which the HK dollar is linked, appreciated strongly against most other major currencies.

6. As HK$ deposits contracted and HK$ loans increased, the HK$ loan-to-deposit ratio rose to 113.2% at end-May, from 111.5% at end-April.

Money supply

7. During the month, money supply growth has continued to slow. HK$ M1 fell by 5.8% in May, mainly due to the sharp fall of demand deposits. Meanwhile, HK$M2 and HK$M3 were both down by 0.9%. In the twelve months to May, HK$M1 dropped by 15.8%, while HK$M2 and HK$M3 grew by 2.1% and 1.9% 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

29 June 1998

 

TABLE 1 : MONETARY STATISTICS - May 1998

                (HK$mn)
      Earlier months (% change to May 1998)
                             
    May 1998Apr 1998   Feb 1998   May 1997  
Money Supply                
                             
M1 - HK$   173,107 183,749 (-5.8) 182,624 (-5.2) 205,486 (-15.8)
Foreign currency   17,929 17,387 (3.1) 18,821 (-4.7) 20,604 (-13.0)
Total   191,036 201,136 (-5.0) 201,445 (-5.2) 226,089 (-15.5)
M2 - HK$@   1,668,511 1,682,846 (-0.9) 1,657,064 (0.7) 1,633,552 (2.1)
Foreign currency*   1,112,648 1,122,951 (-0.9) 1,145,716 (-2.9) 1,075,451 (3.5)
Total   2,781,159 2,805,797 (-0.9) 2,802,781 (-0.8) 2,709,003 (2.7)
M3 - HK$@   1,682,489 1,697,162 (-0.9) 1,672,580 (0.6) 1,650,771 (1.9)
Foreign currency*   1,159,218 1,172,170 (-1.1) 1,203,430 (-3.7) 1,144,750 (1.3)
Total   2,841,707 2,869,332 (-1.0) 2,876,010 (-1.2) 2,795,521 (1.7)
                             
Notes and coins in circulation   92,219 90,458 (1.9) 94,260 (-2.2) 88,848 (3.8)
of which held by public   80,347 80,181 (0.2) 83,507 (-3.8) 78,900 (1.8)
                             
                             
Total Deposits                
                             
Total Demand deposits   110,689 120,955 (-8.5) 117,938 (-6.1) 147,189 (-24.8)
Total Savings deposits   486,751 510,846 (-4.7) 504,462 (-3.5) 532,073 (-8.5)
Total Time deposits   2,073,170 2,072,382 (0.0) 2,087,686 (-0.7) 1,955,173 (6.0)
With licensed banks   2,026,326 2,022,802 (0.2) 2,029,879 (-0.2) 1,893,285 (7.0)
With restricted licence banks   36,092 38,157 (-5.4) 44,770 (-19.4) 47,402 (-23.9)
With deposit-taking companies   10,752 11,423 (-5.9) 13,037 (-17.5) 14,486 (-25.8)
HK$ deposits@   1,541,590 1,559,950 (-1.2) 1,533,414 (0.5) 1,526,969 (1.0)
Demand deposits   92,760 103,568 (-10.4) 99,117 (-6.4) 126,585 (-26.7)
Savings deposits   333,657 357,028 (-6.5) 346,841 (-3.8) 374,008 (-10.8)
Time deposits@   1,115,173 1,099,355 (1.4) 1,087,456 (2.5) 1,026,376 (8.7)
US$ deposits*   606,152 610,535 (-0.7) 636,957 (-4.8) 521,048 (16.3)
Other foreign currency deposits*   522,868 533,697 (-2.0) 539,714 (-3.1) 586,419 (-10.8)
Foreign currency deposits*   1,129,020 1,144,232 (-1.3) 1,176,671 (-4.0) 1,107,467 (1.9)
All deposits   2,670,610 2,704,182 (-1.2) 2,710,085 (-1.5) 2,634,435 (1.4)
                             
Foreign currency swap deposits   37,528 40,309 (-6.9) 36,759 (2.1) 36,542 (2.7)
                             
                             
Total Loans and advances                
                             
Loans for use in H.K.   2,214,295 2,203,525 (0.5) 2,220,467 (-0.3) 2,080,873 (6.4)
To finance H.K.'s visible trade   158,532 159,889 (-0.8) 165,330 (-4.1) 170,613 (-7.1)
To finance merchandising trade not touching H.K.   19,260 19,929 (-3.4) 20,775 (-7.3) 20,067 (-4.0)
Other loans for use in H.K.   2,036,503 2,023,707 (0.6) 2,034,362 (0.1) 1,890,193 (7.7)
Loans for use outside H.K.#   1,446,151 1,512,243 (-4.4) 1,768,675 (-18.2) 2,112,802 (-31.6)
Other loans for use outside H.K.   1,402,103 1,471,864 (-4.7) 1,726,135 (-18.8) 2,066,069 (-32.1)
Other loans where the place of use is not known   44,048 40,379 (9.1) 42,540 (3.5) 46,734 (-5.7)
Loans in HK$   1,744,649 1,739,590 (0.3) 1,732,354 (0.7) 1,683,947 (3.6)
Loans in US$   736,923 730,639 (0.9) 770,996 (-4.4) 686,021 (7.4)
Loans in other foreign currencies   1,178,874 1,245,539 (-5.4) 1,485,791 (-20.7) 1,823,708 (-35.4)
Loans in foreign currencies   1,915,797 1,976,177 (-3.1) 2,256,787 (-15.1) 2,509,729 (-23.7)
Total loans and advances   3,660,446 3,715,768 (-1.5) 3,989,141 (-8.2) 4,193,676 (-12.7)
                             
* 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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