Monetary Statistics for May 2008

According to statistics published today (Monday) by the Hong Kong Monetary Authority, total deposits with authorized institutions declined by 0.8% in May 2008. With across-the-board decreases in demand, savings and time deposits, Hong Kong dollar deposits contracted by 1.6% during the month. However, foreign currency deposits edged up by 0.1% in May. Renminbi deposits in Hong Kong increased by 1.4% to RMB77.7 billion at the end of May, accounting for around 3.1% of foreign currency deposits.

Total loans and advances rose by 1.8% in May. Loans for use in Hong Kong expanded by 1.4% and loans for use outside Hong Kong grew by 3.4%. The Hong Kong dollar loan-to-deposit ratio increased further to 79.3% at the end of May because loans continued to climb while deposits declined.

Seasonally adjusted Hong Kong dollar M1 decreased by 1.6% in May but expanded by 11.9% year on year. Unadjusted Hong Kong dollar M3 declined by 1.6% during the month but grew by 5.7% from a year earlier.

Annex

For further enquiries, please contact:
Thomas Chan, Senior Manager (Press), at 2878 1480 or
Lilian Goh, Officer (Press), at 2878 8246

Hong Kong Monetary Authority
30 June 2008