Monetary Statistics for March 2003

According to statistics published today (Wednesday) by the Hong Kong Monetary Authority, total deposits with authorized institutions dropped slightly in March, with Hong Kong dollar and foreign currency deposits falling by 0.4% and 1.0% respectively.

Total loans and advances shrank by 0.6% in March. Of the total, loans for use in Hong Kong contracted by 0.2%, while loans for use outside Hong Kong decreased by 3.6%. Analysed by currency, both Hong Kong dollar denominated loans and foreign currency loans declined during the month. As Hong Kong dollar deposits registered a larger fall than Hong Kong dollar loans, the Hong Kong dollar loan-to-deposit ratio rose slightly to 89.3%.

Analysed by economic use, property-related loans decreased in the March quarter, while trade financing increased moderately. Among other sectors, loans for wholesale and retail trade, and stockbrokers also registered some increases.

On a seasonally adjusted basis, Hong Kong dollar M1 grew by 1.8% during the month and by 15.2% over a year ago. Unadjusted Hong Kong dollar M2 and M3 both declined by 0.4% in March and by 0.5% on a year-on-year comparison.

For further enquiries, please contact:
Sylvia Yip, Manager (Press), at 2878 1687 or
Thomas Chan, Senior Manager (Press), at 2878 1480

Hong Kong Monetary Authority
30 April 2003

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