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Monetary Statistics for July 1998

According to statistics published today (August 31, 1998) by the Hong Kong Monetary Authority (HKMA), total deposits rose sharply in July as the repatriation of offshore funds intensified. Table 1 gives a summary and comparisons with earlier months.

Deposits

Total deposits rose markedly by 3.8% in July, having grown by 1.4% in the previous month. The growth was across the board, with Hong Kong dollar deposits rising by 4.2% and foreign currency deposits growing by 3.1%. The corporate sector intensified their repatriation of funds following the 22 June announcement of the exemption of profits tax on interest income derived from corporate deposits. The Exchange Fund also brought back US$ funds to help ease liquidity in the banking system.

Of the HK$ deposits, demand and savings deposits picked up slightly by 1.1% and 0.1% respectively during the month, while time deposits rose sharply by 5.6%. As the growth of HK$ deposits outpaced that of foreign currency deposits, the share of HK$ deposits to total deposits rose to 57.7% at end-July, from 57.5% at end-June.

Loans and advances

During the month, total loans and advances declined by 2.6%. Offshore loans remained on a downward trend, dropping by 5.0% in July. The decline was partly due to the valuation effect of a weaker yen. Domestic loans also decreased by 1.1%, with loans for trade financing contracting further by 2.7%, and other loans for use in Hong Kong dropping by 1.0%. As HK$ deposits rose but HK$ loans fell, the HK$ loan-to-deposit ratio decreased to 106.2% at end-July, from 111.5% at end-June.

Money supply

HK$M1 rose by 0.1% in July, having dropped for three consecutive months. HK$M2 and HK$M3 were both up markedly by 3.9%. In the twelve months to July, HK$M1 dropped by 18.0%, while HK$M2 and HK$M3 grew by 2.5% and 2.4% 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

31 August 1998

 

TABLE 1 : MONETARY STATISTICS - Jul 1998

                (HK$mn)
      Earlier months (% change to Jul 1998)  
                             
    Jul 1998Jun 1998   Apr 1998   Jul 1997  
Money Supply                
                             
M1 - HK$   170,425 170,182 (0.1) 183,749 (-7.3) 207,906 (-18.0)
Foreign currency   19,659 18,030 (9.0) 17,387 (13.1) 20,132 (-2.3)
Total   190,084 188,212 (1.0) 201,136 (-5.5) 228,038 (-16.6)
M2 - HK$@   1,747,624 1,681,825 (3.9) 1,682,846 (3.8) 1,704,354 (2.5)
Foreign currency*   1,169,993 1,135,410 (3.0) 1,122,951 (4.2) 1,047,678 (11.7)
Total   2,917,617 2,817,235 (3.6) 2,805,797 (4.0) 2,752,032 (6.0)
M3 - HK$@   1,761,526 1,696,175 (3.9) 1,697,162 (3.8) 1,720,345 (2.4)
Foreign currency*   1,218,207 1,182,120 (3.1) 1,172,170 (3.9) 1,118,619 (8.9)
Total   2,979,733 2,878,294 (3.5) 2,869,332 (3.8) 2,838,964 (5.0)
                             
Notes and coins in circulation   89,527 90,576 (-1.2) 90,458 (-1.0) 89,515 (0.0)
of which held by public   78,434 79,193 (-1.0) 80,181 (-2.2) 79,580 (-1.4)
                             
                             
Total Deposits                
                             
Total Demand deposits   111,650 109,019 (2.4) 120,955 (-7.7) 148,458 (-24.8)
Total Savings deposits   465,637 464,511 (0.2) 510,846 (-8.8) 526,402 (-11.5)
Total Time deposits   2,233,902 2,135,297 (4.6) 2,072,382 (7.8) 2,002,503 (11.6)
With licensed banks   2,185,263 2,087,703 (4.7) 2,022,802 (8.0) 1,937,993 (12.8)
With restricted licence banks   38,560 37,046 (4.1) 38,157 (1.1) 49,690 (-22.4)
With deposit-taking companies   10,079 10,549 (-4.5) 11,423 (-11.8) 14,820 (-32.0)
HK$ deposits@   1,622,941 1,556,814 (4.2) 1,559,950 (4.0 ) 1,595,494 (1.7)
Demand deposits   91,991 90,989 (1.1) 103,568 (-11.2) 128,326 (-28.3)
Savings deposits   310,159 309,886 (0.1) 357,028 (-13.1) 373,295 (-16.9)
Time deposits@   1,220,792 1,155,938 (5.6) 1,099,355 (11.0) 1,093,873 (11.6)
US$ deposits*   678,336 645,634 (5.1) 610,535 (11.1) 517,277 (31.1)
Other foreign currency deposits*   509,911 506,379 (0.7) 533,697 (-4.5) 564,592 (-9.7)
Foreign currency deposits*   1,188,247 1,152,013 (3.1) 1,144,232 (3.8) 1,081,870 (9.8)
All deposits   2,811,189 2,708,827 (3.8) 2,704,182 (4.0) 2,677,364 (5.0)
                             
Foreign currency swap deposits   35,140 35,190 (-0.1) 40,309 (-12.8) 36,097 (-2.7)
                             
                             
Total Loans and advances                
                             
Loans for use in H.K.   2,174,470 2,198,940 (-1.1) 2,203,518 (-1.3) 2,140,742 (1.6)
To finance H.K.'s visible trade   154,497 158,602 (-2.6) 159,889 (-3.4) 177,840 (-13.1)
To finance merchandising trade not touching H.K.   17,846 18,469 (-3.4) 19,924 (-10.4) 22,153 (-19.4)
Other loans for use in H.K.   2,002,127 2,021,869 (-1.0) 2,023,705 (-1.1) 1,940,749 (3.2)
Loans for use outside H.K.#   1,325,707 1,395,096 (-5.0) 1,512,250 (-12.3) 2,120,879 (-37.5)
Other loans for use outside H.K.   1,289,000 1,358,423 (-5.1) 1,471,871 (-12.4) 2,070,314 (-37.7)
Other loans where the place of use is not known   36,707 36,674 (0.1) 40,379 (-9.1) 50,565 (-27.4)
Loans in HK$   1,723,312 1,735,689 (-0.7) 1,739,590 (-0.9) 1,717,752 (0.3)
Loans in US$   698,100 715,153 (-2.4) 730,639 (-4.5) 718,956 (-2.9)
Loans in other foreign currencies   1,078,764 1,143,195 (-5.6) 1,245,539 (-13.4) 1,824,913 (-40.9)
Loans in foreign currencies   1,776,864 1,858,348 (-4.4) 1,976,177 (-10.1) 2,543,869 (-30.2)
Total loans and advances   3,500,177 3,594,036 (-2.6) 3,715,768 (-5.8) 4,261,622 (-17.9)
                             
                             
                             
* 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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