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Press Releases

Monetary Statistics for August 1998

According to statistics published today (September 29, 1998) by the Hong Kong Monetary Authority (HKMA), total deposits continued to increase in August, but domestic loans contracted. Table 1 gives a summary and comparisons with earlier months.

Deposits

Total deposits increased for the third straight month, growing by 1.4% in August after a 3.8% rise in the previous month. Both Hong Kong dollar and foreign currency deposits increased, by 0.6% and 2.5% respectively. During the month, the corporate sector continued to bring back their offshore funds to Hong Kong, but the size of repatriation reduced.

Of the HK$ deposits, demand and savings deposits fell by 2.9% and 3.9% respectively during the month, while time deposits rose by 2.0%. As the growth of foreign currency deposits outpaced that of HK$ deposits, the share of HK$ deposits to total deposits was lower to 57.3% at end-August from 57.7% at end-July.

Loans and advances

During the month, total loans and advances declined by 2.3%. Offshore loans remained on a downward trend, dropping by 5.8% in August. Domestic loans also decreased by 0.2%. Loans for trade financing contracted further by 2.1%, while other loans for use in Hong Kong was flat. As HK$ deposits rose but HK$ loans fell, the HK$ loan-to-deposit ratio decreased to 105.1% at end-August, from 106.2% at end-July.

Money supply

HK$M1 fell by 1.9% in August, having risen slightly by 0.2% in July. HK$M2 and HK$M3 were up by 0.6% and 0.7% respectively during the month. In the twelve months to August, HK$M1 dropped by 16.6%, while HK$M2 and HK$M3 grew by 4.5% and 4.3% 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 September 1998

 

TABLE 1 : MONETARY STATISTICS - Aug 1998

                          (HK$mn)  
    Aug 1998Earlier months (% change to Aug 1998)  
                             
      Jul 1998       May 1998       Aug 1997      
Money Supply                            
                             
M1 - HK$   167,163 170,439 ( -1.9 ) 173,107 ( -3.4 ) 200,435 ( -16.6 )
Foreign currency   19,073 19,659 ( -3.0 ) 17,929 ( 6.4 ) 20,754 ( -8.1 )
Total   186,236 190,099 ( -2.0 ) 191,036 ( -2.5 ) 221,189 ( -15.8 )
M2 - HK$@   1,758,490 1,747,638 ( 0.6 ) 1,668,511 ( 5.4 ) 1,682,216 ( 4.5 )
Foreign currency*   1,202,651 1,169,993 ( 2.8 ) 1,112,648 ( 8.1 ) 1,049,300 ( 14.6 )
Total   2,961,141 2,917,631 ( 1.5 ) 2,781,159 ( 6.5 ) 2,731,516 ( 8.4 )
M3 - HK$@   1,773,527 1,761,541 ( 0.7 ) 1,682,489 ( 5.4 ) 1,700,003 ( 4.3 )
Foreign currency*   1,252,296 1,218,207 ( 2.8 ) 1,159,218 ( 8.0 ) 1,118,252 ( 12.0 )
Total   3,025,822 2,979,747 ( 1.5 ) 2,841,707 ( 6.5 ) 2,818,255 ( 7.4 )
                             
Notes and coins in circulation   88,423 89,527 ( -1.2 ) 92,219 ( -4.1 ) 90,296 ( -2.1 )
of which held by public   77,850 78,434 ( -0.7 ) 80,347 ( -3.1 ) 79,561 ( -2.2 )
                             
                             
Total Deposits                            
                             
Total Demand deposits   108,386 111,664 ( -2.9 ) 110,689 ( -2.1 ) 141,628 ( -23.5 )
Total Savings deposits   455,771 465,637 ( -2.1 ) 486,751 ( -6.4 ) 520,546 ( -12.4 )
Total Time deposits   2,286,946 2,233,902 ( 2.4 ) 2,073,170 ( 10.3 ) 1,994,446 ( 14.7 )
With licensed banks   2,235,771 2,185,263 ( 2.3 ) 2,026,326 ( 10.3 ) 1,928,914 ( 15.9 )
With restricted licence banks   41,280 38,560 ( 7.1 ) 36,092 ( 14.4 ) 51,033 ( -19.1 )
With deposit-taking companies   9,895 10,079 ( -1.8 ) 10,752 ( -8.0 ) 14,499 ( -31.8 )
HK$ deposits@   1,632,910 1,622,955 ( 0.6 ) 1,541,590 ( 5.9 ) 1,572,618 ( 3.8 )
Demand deposits   89,313 92,005 ( -2.9 ) 92,760 ( -3.7 ) 120,874 ( -26.1 )
Savings deposits   298,135 310,159 ( -3.9 ) 333,657 ( -10.6 ) 362,934 ( -17.9 )
Time deposits@   1,245,462 1,220,792 ( 2.0 ) 1,115,173 ( 11.7 ) 1,088,810 ( 14.4 )
US$ deposits*   715,330 678,336 ( 5.5 ) 606,152 ( 18.0 ) 519,669 ( 37.7 )
Other foreign currency deposits*   502,863 509,911 ( -1.4 ) 522,868 ( -3.8 ) 564,335 ( -10.9 )
Foreign currency deposits*   1,218,193 1,188,247 ( 2.5 ) 1,129,020 ( 7.9 ) 1,084,003 ( 12.4 )
All deposits   2,851,103 2,811,203 ( 1.4 ) 2,670,610 ( 6.8 ) 2,656,621 ( 7.3 )
                             
Foreign currency swap deposits   33,596 35,140 ( -4.4 ) 37,528 ( -10.5 ) 34,872 ( -3.7 )
                             
                             
Total Loans and advances                            
                             
Loans for use in H.K.   2,170,483 2,174,500 ( -0.2 ) 2,214,495 ( -2.0 ) 2,154,326 ( 0.7 )
To finance H.K.'s visible trade   151,375 154,328 ( -1.9 ) 158,542 ( -4.5 ) 176,046 ( -14.0 )
To finance merchandising trade not touching H.K.   17,336 18,014 ( -3.8 ) 19,251 ( -9.9 ) 22,101 ( -21.6 )
Other loans for use in H.K.   2,001,772 2,002,157 ( 0.0 ) 2,036,702 ( -1.7 ) 1,956,178 ( 2.3 )
Loans for use outside H.K.#   1,248,541 1,325,725 ( -5.8 ) 1,445,951 ( -13.7 ) 2,089,306 ( -40.2 )
Other loans for use outside H.K.   1,210,012 1,289,018 ( -6.1 ) 1,402,147 ( -13.7 ) 2,039,622 ( -40.7 )
Other loans where the place of use is not known   38,529 36,707 ( 5.0 ) 43,805 ( -12.0 ) 49,683 ( -22.5 )
Loans in HK$   1,716,005 1,723,322 ( -0.4 ) 1,744,649 ( -1.6 ) 1,722,865 ( -0.4 )
Loans in US$   698,949 698,139 ( 0.1 ) 736,923 ( -5.2 ) 727,456 ( -3.9 )
Loans in other foreign currencies   1,004,069 1,078,764 ( -6.9 ) 1,178,874 ( -14.8 ) 1,793,311 ( -44.0 )
Loans in foreign currencies   1,703,019 1,776,903 ( -4.2 ) 1,915,797 ( -11.1 ) 2,520,767 ( -32.4 )
Total loans and advances   3,419,024 3,500,225 ( -2.3 ) 3,660,446 ( -6.6 ) 4,243,631 ( -19.4 )
                             
                             
                             
* 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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