According to statistics published today (September 29, 1998) by the Hong Kong Monetary Authority (HKMA), total deposits continued to increase in August, but domestic loans contracted. Table 1 gives a summary and comparisons with earlier months.
Deposits
Total deposits increased for the third straight month, growing by 1.4% in August after a 3.8% rise in the previous month. Both Hong Kong dollar and foreign currency deposits increased, by 0.6% and 2.5% respectively. During the month, the corporate sector continued to bring back their offshore funds to Hong Kong, but the size of repatriation reduced.
Of the HK$ deposits, demand and savings deposits fell by 2.9% and 3.9% respectively during the month, while time deposits rose by 2.0%. As the growth of foreign currency deposits outpaced that of HK$ deposits, the share of HK$ deposits to total deposits was lower to 57.3% at end-August from 57.7% at end-July.
Loans and advances
During the month, total loans and advances declined by 2.3%. Offshore loans remained on a downward trend, dropping by 5.8% in August. Domestic loans also decreased by 0.2%. Loans for trade financing contracted further by 2.1%, while other loans for use in Hong Kong was flat. As HK$ deposits rose but HK$ loans fell, the HK$ loan-to-deposit ratio decreased to 105.1% at end-August, from 106.2% at end-July.
Money supply
HK$M1 fell by 1.9% in August, having risen slightly by 0.2% in July. HK$M2 and HK$M3 were up by 0.6% and 0.7% respectively during the month. In the twelve months to August, HK$M1 dropped by 16.6%, while HK$M2 and HK$M3 grew by 4.5% and 4.3% respectively.
Note to editor
For enquiries, please contact the Press and Publications Section, Hong Kong Monetary Authority. (Telephone number: 2878 8261)
Hong Kong Monetary Authority
29 September 1998
TABLE 1 : MONETARY STATISTICS - Aug 1998
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(HK$mn) |
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Earlier months (% change to Aug 1998) |
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Aug 1998 |
Jul 1998 |
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May 1998 |
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Aug 1997 |
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| Money Supply |
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| M1 - HK$ |
167,163 |
170,439 |
( |
-1.9 |
) |
173,107 |
( |
-3.4 |
) |
200,435 |
( |
-16.6 ) |
| Foreign currency |
19,073 |
19,659 |
( |
-3.0 |
) |
17,929 |
( |
6.4 |
) |
20,754 |
( |
-8.1 ) |
| Total |
186,236 |
190,099 |
( |
-2.0 |
) |
191,036 |
( |
-2.5 |
) |
221,189 |
( |
-15.8 ) |
| M2 - HK$@ |
1,758,490 |
1,747,638 |
( |
0.6 |
) |
1,668,511 |
( |
5.4 |
) |
1,682,216 |
( |
4.5 ) |
| Foreign currency* |
1,202,651 |
1,169,993 |
( |
2.8 |
) |
1,112,648 |
( |
8.1 |
) |
1,049,300 |
( |
14.6 ) |
| Total |
2,961,141 |
2,917,631 |
( |
1.5 |
) |
2,781,159 |
( |
6.5 |
) |
2,731,516 |
( |
8.4 ) |
| M3 - HK$@ |
1,773,527 |
1,761,541 |
( |
0.7 |
) |
1,682,489 |
( |
5.4 |
) |
1,700,003 |
( |
4.3 ) |
| Foreign currency* |
1,252,296 |
1,218,207 |
( |
2.8 |
) |
1,159,218 |
( |
8.0 |
) |
1,118,252 |
( |
12.0 ) |
| Total |
3,025,822 |
2,979,747 |
( |
1.5 |
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2,841,707 |
( |
6.5 |
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2,818,255 |
( |
7.4 ) |
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| Notes and coins in circulation |
88,423 |
89,527 |
( |
-1.2 |
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92,219 |
( |
-4.1 |
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90,296 |
( |
-2.1 ) |
| of which held by public |
77,850 |
78,434 |
( |
-0.7 |
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80,347 |
( |
-3.1 |
) |
79,561 |
( |
-2.2 ) |
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| Total Deposits |
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| Total Demand deposits |
108,386 |
111,664 |
( |
-2.9 |
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110,689 |
( |
-2.1 |
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141,628 |
( |
-23.5 ) |
| Total Savings deposits |
455,771 |
465,637 |
( |
-2.1 |
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486,751 |
( |
-6.4 |
) |
520,546 |
( |
-12.4 ) |
| Total Time deposits |
2,286,946 |
2,233,902 |
( |
2.4 |
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2,073,170 |
( |
10.3 |
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1,994,446 |
( |
14.7 ) |
| With licensed banks |
2,235,771 |
2,185,263 |
( |
2.3 |
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2,026,326 |
( |
10.3 |
) |
1,928,914 |
( |
15.9 ) |
| With restricted licence banks |
41,280 |
38,560 |
( |
7.1 |
) |
36,092 |
( |
14.4 |
) |
51,033 |
( |
-19.1 ) |
| With deposit-taking companies |
9,895 |
10,079 |
( |
-1.8 |
) |
10,752 |
( |
-8.0 |
) |
14,499 |
( |
-31.8 ) |
| HK$ deposits@ |
1,632,910 |
1,622,955 |
( |
0.6 |
) |
1,541,590 |
( |
5.9 |
) |
1,572,618 |
( |
3.8) |
| Demand deposits |
89,313 |
92,005 |
( |
-2.9 |
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92,760 |
( |
-3.7 |
) |
120,874 |
( |
-26.1 ) |
| Savings deposits |
298,135 |
310,159 |
( |
-3.9 |
) |
333,657 |
( |
-10.6 |
) |
362,934 |
( |
-17.9 ) |
| Time deposits@ |
1,245,462 |
1,220,792 |
( |
2.0 |
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1,115,173 |
( |
11.7 |
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1,088,810 |
( |
14.4 ) |
| US$ deposits* |
715,330 |
678,336 |
( |
5.5 |
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606,152 |
( |
18.0 |
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519,669 |
( |
37.7 ) |
| Other foreign currency deposits* |
502,863 |
509,911 |
( |
-1.4 |
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522,868 |
( |
-3.8 |
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564,335 |
( |
-10.9 ) |
| Foreign currency deposits* |
1,218,193 |
1,188,247 |
( |
2.5 |
) |
1,129,020 |
( |
7.9 |
) |
1,084,003 |
( |
12.4 ) |
| All deposits |
2,851,103 |
2,811,203 |
( |
1.4 |
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2,670,610 |
( |
6.8 |
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2,656,621 |
( |
7.3 ) |
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| Foreign currency swap deposits |
33,596 |
35,140 |
( |
-4.4 |
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37,528 |
( |
-10.5 |
) |
34,872 |
( |
-3.7 ) |
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| Total Loans and advances |
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| Loans for use in H.K. |
2,170,483 |
2,174,500 |
( |
-0.2 |
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2,214,495 |
( |
-2.0 |
) |
2,154,326 |
( |
0.7 ) |
| To finance H.K.'s visible trade |
151,375 |
154,328 |
( |
-1.9 |
) |
158,542 |
( |
-4.5 |
) |
176,046 |
( |
-14.0 ) |
| To finance merchandising trade not touching H.K. |
17,336 |
18,014 |
( |
-3.8 |
) |
19,251 |
( |
-9.9 |
) |
22,101 |
( |
-21.6 ) |
| Other loans for use in H.K. |
2,001,772 |
2,002,157 |
( |
0.0 |
) |
2,036,702 |
( |
-1.7 |
) |
1,956,178 |
( |
2.3 ) |
| Loans for use outside H.K.# |
1,248,541 |
1,325,725 |
( |
-5.8 |
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1,445,951 |
( |
-13.7 |
) |
2,089,306 |
( |
-40.2 ) |
| Other loans for use outside H.K. |
1,210,012 |
1,289,018 |
( |
-6.1 |
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1,402,147 |
( |
-13.7 |
) |
2,039,622 |
( |
-40.7 ) |
| Other loans where the place of use is not known |
38,529 |
36,707 |
( |
5.0 |
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43,805 |
( |
-12.0 |
) |
49,683 |
( |
-22.5 ) |
| Loans in HK$ |
1,716,005 |
1,723,322 |
( |
-0.4 |
) |
1,744,649 |
( |
-1.6 |
) |
1,722,865 |
( |
-0.4 ) |
| Loans in US$ |
698,949 |
698,139 |
( |
0.1 |
) |
736,923 |
( |
-5.2 |
) |
727,456 |
( |
-3.9 ) |
| Loans in other foreign currencies |
1,004,069 |
1,078,764 |
( |
-6.9 |
) |
1,178,874 |
( |
-14.8 |
) |
1,793,311 |
( |
-44.0 ) |
| Loans in foreign currencies |
1,703,019 |
1,776,903 |
( |
-4.2 |
) |
1,915,797 |
( |
-11.1 |
) |
2,520,767 |
( |
-32.4 ) |
| Total loans and advances |
3,419,024 |
3,500,225 |
( |
-2.3 |
) |
3,660,446 |
( |
-6.6 |
) |
4,243,631 |
( |
-19.4 ) |
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| * Adjusted to exclude foreign currency swap deposits. |
| @ Adjusted to include foreign currency swap deposits. |
| # Including those where place of usage is unknown. |
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| Note : Data may not add up to total due to rounding. |
