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 March 1999

According to statistics published today (29 April 1999) by the Hong Kong Monetary Authority ("HKMA"), total deposits grew while loans and advances decreased in March. Table 1 provides a summary and comparison with earlier months.

Deposits

Total deposits grew by 0.5% (HK$15.0 billion) in March, mainly due to an increase in HK$ deposits. As HK$ deposits increased (1.4%) while foreign currency deposits declined (-0.7%), the share of HK$ deposits to total deposits increased to 57.0% in March, compared with 56.5% in the preceding month.

The increase in HK$ deposits was mainly attributable to a shift from currency held by the public to bank deposits after the Chinese New Year holiday. Demand deposits increased substantially by 8.3%, while savings and time deposits rose by 0.2% and 1.3% respectively during the month.

Foreign currency deposits declined by 0.7% in March, as the decline in US$ deposits (2.1%) more than offset the increase in non-US$ foreign currency deposits (1.3%).

Loans and advances

Total loans and advances shrank for the fifth consecutive month, by 3.2% in March. In line with the slowdown of economic activity in the region, loans for use outside Hong Kong plummeted by 7.4%, while domestic loans fell by 1.0%. HK$ loan-to-deposit ratio decreased to 99.2% at end-March, compared with 101.2% at end-February.

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

During the March quarter, domestic loans contracted further by 2.6%, following a drop of 2.3% in the previous quarter. Lending to the manufacturing sector and loans for trade financing contracted by 3.1% and 7.9% respectively. In line with the slack performance in retail sales, loans for wholesale and retail trades dropped by 4.2% in the March quarter, having shrunk by 4.9% in the December quarter. Loans for building, construction and property development and investment declined by 3.0%. Nevertheless, residential mortgage loans and electricity, gas and telecommunication-related lending increased by 0.7% and 2.4% respectively in the March quarter. Amid buoyant stock market activities, lending to stockbrokers increased substantially by 15.2%, after declining by 30.6% in the preceding quarter.

Money supply

HK$M1 rose by 1.5% in March, as the 8.3% increase in demand deposits offset the 5.2% decline in currency held by the public. Meanwhile, both HK$M2 and HK$M3 increased by 1.1% during the month. In the twelve months to March, HK$M1 fell by 2.0%, while HK$M2 and HK$M3 grew by 8.5% and 8.2% respectively.

Note to editor

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

 

Hong Kong Monetary Authority

29 April 1999

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