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Monetary Statistics for March 2004

According to statistics published today (Friday) by the Hong Kong Monetary Authority, total deposits with authorized institutions decreased by 3.6% in March. Hong Kong dollar deposits fell by 6.5%, while foreign currency deposits were virtually unchanged. The decrease in Hong Kong dollar deposits was in part attributable to an unwinding of placements related to initial public offerings in February.

Total loans and advances shrank by 4.4% in March, with loans for use in Hong Kong and outside Hong Kong declining by 4.6% and 3.0% respectively. Analysed by currency, Hong Kong dollar loans decreased but foreign currency loans increased. As Hong Kong dollar loans registered a smaller fall than Hong Kong dollar deposits, the loan-to-deposit ratio rose to 83.3% in March.

On a quarter-on-quarter comparison, loans for use in Hong Kong recorded a small rise of 0.3% during the first quarter, with trade financing registering the highest rate of growth, followed by lending to stockbrokers and financial concerns. Loans for residential mortgages also rose slightly, the first quarter-on-quarter rise since June 2002.

On a seasonally adjusted basis, Hong Kong dollar M1 grew by 5.1% in March and by 45.1% from a year ago. Unadjusted Hong Kong dollar M2 and M3 both declined by 5.9% during the month, but rose by 5.1% and 4.8% respectively on a year-on-year comparison.

For further enquiries, please contact:

Kevin Ip, Manager (Press), at 2878 1687 or
Thomas Chan, Senior Manager (Press), at 2878 1480

Hong Kong Monetary Authority
30 April 2004

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Last revision date: 1 August 2011
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