Hong Kong Monetary Authority - Monetary Statistics for October 1997

Press Releases

28 Nov 1997

Monetary Statistics for October 1997

1. According to statistics published today (28 November) by the Hong Kong Monetary Authority, total deposits and loans and advances both fell slightly during October 1997. Table 1 gives a summary and comparisons with earlier months.

Deposits

2. Total deposits decreased by 0.7% in October, against a 2% rise in September. HK$ deposits dropped by 3.9%, while foreign currency deposits expanded by 4%.

3. The decline in HK$ deposits was across-the-board. During the month, demand and time deposits dropped by 1.9% and 2.9% respectively, while savings deposits fell for four months in a row, down by a significant 7.8%. The fall in time deposits was partly due to the high base of comparison in September, when such deposits were boosted by placements of new share subscription monies before the refund dates.

4. The expansion in foreign currency deposits was attributable primarily to a rise of 8.7% in US$ deposits, which more than offset a 0.3% fall in non-US$ foreign currency deposits.

Loans and advances

5. Total loans and advances declined slightly by 0.2% in October, compared with a rise of 0.8% in September. During the month, offshore loans recorded a mild growth of 0.6%, having declined for three consecutive months. On the other hand, domestic credit contracted by 0.9%, after expanding for six months in a row. Of the local loans, both loans for trade financing and other loans fell by 0.9%.

6. During October, HK$ loans registered a drop of 2.3%, having increased continuously since April this year. Foreign currency loans, however, rebounded by 1.4%, after declining for three consecutive months. As the decrease in HK$ deposits was larger than that of HK$ loans, the HK$ loan-to-deposit ratio rose further, from 112.1% at end-September, to 113.9% at end-October.

Money supply

7. In line with the fall in HK$ deposits, all monetary aggregates registered a decline in October, with HK$M1 decreasing by 2.1% and HK$M2 and HK$M3 falling by 3.8% respectively. In the twelve months to October, the expansion of HK$M1 decelerated to 5.9% while HK$M2 and HK$M3 moderated to 14%. The annual growth of broad money supply in October was in line with the pace of nominal GDP growth.

Note to editor

8. For enquiries, please contact the Press and Publications Section, Hong Kong Monetary Authority, at telephone 2878 8261.

Hong Kong Monetary Authority

28 November 1997

MONETARY STATISTICS -- Oct 1997 (HK$mn)
	Earlier months(% change to Oct 1997)
	Oct 1997	Sep 1997		Jul 1997		Oct 1996
Money Supply M1 - HK$ - Foreign currency - Total M2 - HK$ @ - Foreign currency * - Total M3 - HK$ @ - Foreign currency * - Total Notes and coins in circulation of which held by public	199,721 21,108 220,830 1,644,789 1,115,400 2,760,189 1,663,039 1,187,379 2,850,418 90,127 78,716	204,060 19,596 223,656 1,710,330 1,075,558 2,785,888 1,728,605 1,144,494 2,873,099 92,643 80,721	(-2.1) (7.7) (-1.3) (-3.8) (3.7) (-0.9) (-3.8) (3.7) (-0.8) (-2.7) (-2.5)	207,906 20,132 228,038 1,704,434 1,047,678 2,752,112 1,720,425 1,118,619 2,839,044 89,515 79,580	(-3.9) (4.8) (-3.2) (-3.5) (6.5) (0.3) (-3.3) (6.1) (0.4) (0.7) (-1.1)	188,522 18,694 207,215 1,442,300 1,023,002 2,465,302 1,458,943 1,085,589 2,544,532 82,522 73,575	(5.9) (12.9) (6.6) (14.0) (9.0) (12.0) (14.0) (9.4) (12.0) (9.2) (7.0)
Total Deposits Total Demand deposits Total Savings deposits Total Time deposits With licensed banks With restricted licence banks With deposit-taking companies HK$ deposits @ Demand deposits Savings deposits Time deposits @ US$ deposits * Other foreign currency deposits * Foreign currency deposits* All deposits Foreign currency swap deposits	142,114 479,689 2,071,295 2,000,336 55,843 15,116 1,537,192 121,006 320,662 1,095,525 578,760 577,145 1,155,905 2,693,097 41,917	142,935 502,593 2,065,251 1,998,584 51,844 14,822 1,599,399 123,339 347,961 1,128,099 532,329 579,051 1,111,380 2,710,779 35,906	(-0.6) (-4.6) (0.3) (0.1) (7.7) (2.0) (-3.9) (-1.9) (-7.8) (-2.9) (8.7) (-0.3) (4.0) (-0.7) (16.7)	148,458 526,402 2,002,583 1,938,073 49,690 14,820 1,595,574 128,326 373,295 1,093,953 517,277 564,592 1,081,870 2,677,444 36,097	(-4.3) (-8.9) (3.4) (3.2) (12.4) (2.0) (-3.7) (-5.7) (-14.1) (0.1) (11.9) (2.2) (6.8) (0.6) (16.1)	133,640 489,076 1,776,410 1,718,152 42,564 15,694 1,344,311 114,946 343,301 886,063 513,348 541,467 1,054,815 2,399,126 38,889	(6.3) (-1.9) (16.6) (16.4) (31.2) (-3.7) (14.3) (5.3) (-6.6) (23.6) (12.7) (6.6) (9.6) (12.3) (7.8)
Total Loans and advances Loans for use in H.K. To finance H.K.'s visible trade To finance merchandising trade not touching H.K. Other loans for use in H.K. Loans for use outside H.K.# Other loans for use outside H.K. Other loans where the place of use is not known Loans in HK$ Loans in foreign currencies Total loans and advances	2,215,866 174,024 21,656 2,020,186 2,054,830 2,003,419 51,411 1,751,463 2,519,233 4,270,696	2,235,793 175,200 22,221 2,038,372 2,042,052 1,992,694 49,358 1,793,473 2,484,372 4,277,845	(-0.9) (-0.7) (-2.5) (-0.9) (0.6) (0.5) (4.2) (-2.3) (1.4) (-0.2)	2,140,794 177,840 22,153 1,940,801 2,120,827 2,070,262 50,565 1,717,752 2,543,869 4,261,622	(3.5) (-2.1) (-2.2) (4.1) (-3.1) (-3.2) (1.7) (2.0) (-1.0) (0.2)	1,759,693 163,392 18,998 1,577,304 2,064,114 2,024,381 39,733 1,396,507 2,427,300 3,823,808	(25.9) (6.5) (14.0) (28.1) (-0.4) (-1.0) (29.4) (25.4) (3.8) (11.7)

* Adjusted to exclude foreign currency swap deposits.

@ Adjusted to include foreign currency swap deposits.

# Including those where place of usage is unknown

Note: Data may not add up to total due to rounding

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