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 December 1998

According to statistics published today (January 29, 1999) by the Hong Kong Monetary Authority (HKMA), total deposits increased in December while total loans and advances declined. Table 1 provides a summary and comparison with earlier months.

Deposits

Total deposits rose by 1.0% in December. Both Hong Kong dollar deposits and foreign currency deposits increased, by 0.8% and 1.4% respectively. The share of HK$ deposits in total deposits dropped marginally to 57.1% at end-December from 57.2% at end-November.

Among HK$ deposits, demand deposits decreased by 3.1% during the month. However, savings deposits grew for the fourth consecutive month by 3.6% and time deposits also increased by 0.2% in December. The continued strong depositors* appetite for savings deposits in part reflected the narrowing of the interest rate spread between the short-term time deposit rate and the savings deposit rate.

Foreign currency deposits grew by 1.4% in December. Of the total, US$ deposits decreased by 2.6%, while non-US$ foreign currency deposits rose by 7.1%. The latter was partly due to valuation effects from a weaker US dollar in December.

Loans and advances

During the month, total loans and advances decreased by 0.7%. Both domestic loans and offshore loans shrank, by 1.0% and 0.2% respectively. Among domestic loans, loans for trade financing contracted further by 3.4%, while loans for other uses declined by 0.8%. As HK$ deposits increased but loans decreased, the HK$ loan-to-deposit ratio fell to 100.6% at end-December, from 101.7% at end-November.

Quarterly analysis of loans for use in Hong Kong by major economic sector

During the December quarter, domestic loans contracted further by 2.3%, following a drop of 1.9% in the previous quarter. Lending to the manufacturing sector and loans for trade financing contracted by 6.3% and 8.9% respectively. In line with the slack performance in retail sales, loans for wholesale and retail trades dropped by 5.0% in the December quarter, having declined by 4.1% in the September quarter. Amidst weak investment sentiment, lending to stockbrokers and financial concerns fell by 29.7% and 2.2% respectively during the quarter. Likewise, loans for building, construction and property development and investment declined further by 3.7%, after a 2.1% fall in the September quarter. Nevertheless, residential mortgage loans and electricity, gas and telecommunication-related lending increased by 3.2% and 1.5% respectively in the fourth quarter of 1998.

Money supply

HK$M1 declined by 0.4% in December, as the 3.1% decrease in demand deposits outweighed the 3.0% growth in cash held by the public arising from the seasonal demand for currency for year-end sales. Both HK$M2 and HK$M3 were up by 0.8% during the month. In the twelve months to December, HK$M1 fell by 5.2%, while HK$M2 and HK$M3 grew by 9.9% and 9.4% respectively.

Release calendar

As a further step to enhance the transparency of economic statistics and to meet international standards, we are announcing below the release calendar of monetary statistics for 1999.

Reference Month Release Date
January 1999 26 February 1999
February 1999 31 March 1999
March 1999 29 April 1999
April 1999 31 May 1999
May 1999 29 June 1999
June 1999 30 July 1999
July 1999 31 August 1999
August 1999 29 September 1999
September 1999 29 October 1999
October 1999 30 November 1999
November 1999 30 December 1999
December 1999 31 January 2000

 

(table 1 & 2)

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