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Monetary Statistics for January 1999

According to statistics published today (February 26, 1999) by the Hong Kong Monetary Authority (HKMA), total deposits remained almost unchanged in January, while loans and advances fell further. Table 1 provides a summary and comparison with earlier months.

Deposits

Total deposits were almost unchanged (rising by a modest HK$0.3 billion) in January. Hong Kong dollar deposits decreased by 1.1%, while foreign currency deposits increased by 1.5%. The share of HK$ deposits in total deposits fell to 56.4% at end-January from 57.0% at end-December 1998.

HK$ demand deposits and saving deposits decreased by 1.8% and 2.6% respectively, while time deposits dropped modestly by 0.6% during the month. The fall in HK$ deposits was partly due to customer withdrawals for tax payments, and an increase in currency held by the public ahead of the Chinese New Year.

Foreign currency deposits grew by 1.5% in January. Of the total, US$ deposits and non-US$ foreign currency deposits increased by 2.6% and 0.1% respectively.

Loans and advances

Total loans and advances decreased by 2.3% in January. In line with the slowdown of economic activity in the region, offshore loans shrank by 4.5%, while domestic loans fell by a modest 1.0%. Of the total credit for use in Hong Kong, loans for trade financing contracted by 2.6%, while other loans declined by 0.9%. HK$ loan-to-deposit ratio increased to 101.1% at end-January compared with 100.6% at end-December 1998.

Money supply

HK$M1 declined by 0.5% in January, as the 1.8% decrease in demand deposits outweighed the 1.1% growth in cash held by the public. Meanwhile, HK$M2 and HK$M3 dropped by 0.8% and 0.9% respectively during the month. In the twelve months to January, HK$M1 fell by 7.6%, while HK$M2 and HK$M3 grew by 9.8% and 9.4% respectively.

Note to editor

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

 

(Table 1)

Hong Kong Monetary Authority
26 February 1999

Last revision date: 1 August 2011
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