Monetary Statistics for September 2011

According to statistics published today (Monday) by the Hong Kong Monetary Authority, total deposits with authorized institutions decreased by 0.2% in September. As the contraction in savings deposits exceeded the expansion in demand and time deposits, Hong Kong-dollar deposits declined by 0.3% during the month. Foreign-currency deposits also shrank slightly by 0.1% in September, although renminbi deposits grew by 2.2% to RMB622.2 billion at the end of September. The total remittance of the renminbi for cross-border trade settlement amounted to RMB190.6 billion in September, compared with RMB185.8 billion in August.

Total loans and advances increased by 0.9% in September. Loans for use in Hong Kong climbed by 0.1% and loans for use outside Hong Kong expanded by 3.2%. As Hong Kong-dollar loans grew while deposits contracted, the Hong Kong-dollar loan-to-deposit ratio rose to 86.6% at the end of September from 85.9% a month earlier.

In the third quarter of 2011, loans for use in Hong Kong expanded by 1.8%, compared with a 4.3% increase in the previous quarter. Analysed by economic use, growth in residential mortgage loans slowed amid rising mortgage interest rates and some consolidation of the residential property market. Trade finance and loans to wholesale and retail trade also recorded slower quarterly growth.

Seasonally adjusted Hong Kong-dollar M1 contracted by 1.2% in September but expanded by 5.7% year on year. Unadjusted Hong Kong-dollar M3 declined by 0.1% during the month and decreased by 0.4% from a year earlier.

Annex

Hong Kong Monetary Authority
31 October 2011

Release Schedule of Monetary Statistics in Hong Kong

The monthly release schedule of monetary statistics in Year 2012 is as follows.