Monetary Statistics for November 2010

According to statistics published today (Friday) by the Hong Kong Monetary Authority, total deposits with authorized institutions contracted by 2.8% in November 2010. Hong Kong-dollar deposits declined by 7.1% in November, partly reflecting a high base of comparison due to initial public offering activity in the previous month. In contrast, foreign-currency deposits expanded by 2.5% in November. Driven by an increase in trade-related renminbi receipts by corporate customers, renminbi deposits in Hong Kong rose markedly by 28.8% to RMB279.6 billion at the end of November. The total remittance of the renminbi for cross-border trade settlement climbed to RMB93.7 billion in November from RMB68.6 billion in October.

Total loans and advances declined by 1.3% in November. Loans for use in Hong Kong contracted by 1.8% but loans for use outside Hong Kong rose by 0.4%. As Hong Kong-dollar loans decreased at a slower rate than deposits, the Hong Kong-dollar loan-to-deposit ratio rebounded from 73.6% at the end of October to 76.8% at the end of November.

Seasonally adjusted Hong Kong-dollar M1 contracted by 4.7% in November but expanded by 8.4% year on year. Unadjusted Hong Kong-dollar M3 declined by 6.6% during the month but increased by 7.1% from a year earlier.

Annex

For media enquiries, please contact:
Rhonda Lam, Communications Chief, at 2878 1480 or
Anissa Wong, Manager (Communications), at 2878 1802

Hong Kong Monetary Authority
31 December 2010