Monetary Statistics for March 2009

Press Releases

30 Apr 2009

Monetary Statistics for March 2009

According to statistics published today (Thursday) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased by 1.6% in March 2009. Hong Kong-dollar deposits rose by 2.7% during the month, as the expansion in liquid deposits exceeded the contraction in time deposits. Foreign-currency deposits also grew by 0.6% in March. Accounting for around 2.0% of foreign-currency deposits, renminbi deposits in Hong Kong contracted by 1.6% to RMB53.1 billion at the end of March.

Total loans and advances declined by 1.7% in March. Loans for use in Hong Kong shrank by 2.0% while loans for use outside Hong Kong were stable. Because Hong Kong-dollar loans contracted while deposits rose, the Hong Kong-dollar loan-to-deposit ratio declined to 75.5% at the end of March, from 78.2% at the end of February.

In the first quarter of 2009, loans for use in Hong Kong shrank by 3.8%. Analysed by economic uses, most types of loans declined during the quarter. Trade financing loans declined for the third consecutive quarter alongside reduced trade flows while lending to financial concerns contracted at a double-digit rate.

Seasonally adjusted Hong Kong-dollar M1 rose by 3.7% in March and increased by 15.5% from a year earlier. Unadjusted Hong Kong-dollar M3 grew by 2.4% during the month and climbed by 3.3% year on year.

Annex

For further enquiries, please contact:
Thomas Chan, Communications Chief, at 2878 1480 or
Peggy Lo, Manager (Communications), at 2878 1687

Hong Kong Monetary Authority
30 April 2009

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Last revision date : 30 April 2009