Monetary Statistics for March 2008

Press Releases

30 Apr 2008

Monetary Statistics for March 2008

According to statistics published today (Wednesday) by the Hong Kong Monetary Authority, total deposits with authorized institutions declined by 1.0% in March 2008. Hong Kong dollar deposits contracted by 1.9%, mainly driven by decreases in savings and time deposits in a low interest rate environment. However, foreign currency deposits grew by 0.1%. In particular, renminbi deposits rose by 20.4% to RMB57.6 billion yuan at the end of March, accounting for around 2.3% of foreign currency deposits.

Total loans and advances increased by 2.2% in March. Loans for use in Hong Kong expanded by 1.8% and loans for use outside Hong Kong grew by 4.2%. The Hong Kong dollar loan-to-deposit ratio rose to 76.5% at the end of March, compared with 74.1% at the end of February.

In the first quarter of 2008, loans for use in Hong Kong expanded by 6.3%. Analysed by economic uses, loans to manufacturing and lending to wholesale and retail trade recorded double-digit growth while loans to stockbrokers moderated.

Seasonally adjusted Hong Kong dollar M1 increased by 3.1% in March and rose by 12.4% year on year. Unadjusted Hong Kong dollar M3 declined by 1.9% during the month but grew by 7.8% from a year earlier.

Annex

For further enquiries, please contact:
Peggy Lo, Manager (Press), at 2878 1687 or
Hing-fung Wong, Manager (Press), at 2878 1802

Hong Kong Monetary Authority
30 April 2008

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Last revision date : 30 April 2008