Monetary Statistics for July 2003

According to statistics published today (Friday) by the Hong Kong Monetary Authority, total deposits with authorized institutions grew for the fourth consecutive month by 0.6% in July. The increase was attributable to a 1.6% rise in foreign currency deposits, which exceeded a decline of 0.2% in Hong Kong dollar deposits.

Total loans and advances shrank by 1.2% in July. The drop was broad-based, with loans for use in Hong Kong and those outside Hong Kong falling by 1.1% and 1.9% respectively. Analysed by currency, Hong Kong dollar denominated loans and foreign currency loans both recorded a small decline. As Hong Kong dollar deposits decreased less than Hong Kong dollar loans, the Hong Kong dollar loan-to-deposit ratio fell to 85.8% in July.

On a seasonally adjusted basis, Hong Kong dollar M1 grew by 0.8% during the month and by 18.2% from a year ago. Unadjusted Hong Kong dollar M2 and M3 both dropped by 0.1% during the month, but rose by 1.9% on a year-on-year comparison.

For further enquiries, please contact:

Jasmin Fung, Manager (Press), at 2878 8246 or
Thomas Chan, Senior Manager (Press), at 2878 1480

Hong Kong Monetary Authority
29 August 2003

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