According to statistics published today (October 30, 1998) by the Hong Kong Monetary Authority (HKMA), total deposits continued to increase in September. Table 1 gives a summary and comparisons with earlier months.
Deposits
Total deposits increased for the fourth straight month in September, growing by 1.0%, after a 1.4% rise in the previous month. Both Hong Kong dollar and foreign currency deposits increased, by 0.5% and 1.5% respectively.
Of the HK$ deposits, demand and savings deposits grew by 0.6% and 4.2% respectively during the month, while time deposits fell by 0.4%. Since the growth of foreign currency deposits outpaced that of HK$ deposits, the share of HK$ deposits to total deposits edged down to 57.0% at end-September, from 57.3% at end-August. At this level, the share of HK$ deposits to total deposits remained significantly higher than the average share of 54.6% in 1996, however.
Loans and advances
During the month, total loans and advances declined by 1.7%. Offshore loans remained on a downward trend, falling by 3.6% in September. Domestic loans also decreased by 0.6%. Of the local loans, loans for trade financing contracted further by 2.7% while other local loans declined by 0.5%. As HK$ deposits rose but HK$ loans fell, the HK$ loan-to-deposit ratio decreased to 104.0% at end-September, from 105.1% at end-August.
Quarterly analysis of loans for use in Hong Kong by major economic sector
During the September quarter, domestic loans contracted further by 1.9%, following a drop of 0.2% in the previous quarter. Lending to the manufacturing sector and loans for trade financing contracted by 6.0% and 7.3% respectively. In line with the slack performance in retail sales, loans for wholesale and retail trades dropped by 4.1% in the September quarter, having declined by 1.5% in the June quarter. Amidst weak investment sentiment, lending to stockbrokers and financial concerns fell by 18.2% and 2.8% respectively during the quarter. Likewise, loans for building, construction and property development and investment declined by 2.1%, reversing the 0.4% growth in the June quarter. Nevertheless, residential mortgage loans continued to grow by 1.7% in the third quarter, having increased by 2.8% in the previous quarter.
Money supply
HK$M1 rose by 1.1% in September, having dropped by 1.9% in August. HK$M2 and HK$M3 were up by 0.7% and 0.6% respectively during the month. In the twelve months to September, HK$M1 dropped by 17.2%, while HK$M2 and HK$M3 grew by 3.6% and 3.2% 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
30 October 1998
TABLE 1 : MONETARY STATISTICS - Sep 1998
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(HK$mn) |
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Earlier months (% change to Sep 1998) |
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Sep 1998 |
Aug 1998 |
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Jun 1998 |
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Sep 1997 |
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| Money Supply |
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| M1 - HK$ |
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168,944 |
167,163 |
(1.1) |
170,182 |
(-0.7) |
204,060 |
(-17.2) |
| Foreign currency |
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19,792 |
19,073 |
(3.8) |
18,030 |
(9.8) |
19,596 |
(1.0) |
| Total |
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188,737 |
186,236 |
(1.3) |
188,212 |
(0.3) |
223,656 |
(-15.6) |
| M2 - HK$@ |
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1,771,012 |
1,758,351 |
(0.7) |
1,681,941 |
(5.3) |
1,710,180 |
(3.6) |
| Foreign currency* |
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1,222,227 |
1,202,651 |
(1.6) |
1,135,043 |
(7.7) |
1,075,980 |
(13.6) |
| Total |
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2,993,238 |
2,961,002 |
(1.1) |
2,816,983 |
(6.3) |
2,786,160 |
(7.4) |
| M3 - HK$@ |
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1,783,759 |
1,773,388 |
(0.6) |
1,696,290 |
(5.2) |
1,728,455 |
(3.2) |
| Foreign currency* |
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1,269,022 |
1,252,296 |
(1.3) |
1,181,753 |
(7.4) |
1,144,916 |
(10.8) |
| Total |
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3,052,781 |
3,025,683 |
(0.9) |
2,878,043 |
(6.1) |
2,873,371 |
(6.2) |
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| Notes and coins in circulation |
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92,684 |
88,423 |
(4.8) |
90,576 |
(2.3) |
92,643 |
(0.0) |
| of which held by public |
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79,140 |
77,850 |
(1.7) |
79,193 |
(-0.1) |
80,721 |
(-2.0) |
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| Total Deposits |
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| Total Demand deposits |
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109,597 |
108,386 |
(1.1) |
109,019 |
(0.5) |
142,935 |
(-23.3) |
| Total Savings deposits |
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466,975 |
455,771 |
(2.5) |
464,511 |
(0.5) |
502,593 |
(-7.1) |
| Total Time deposits |
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2,301,816 |
2,286,946 |
(0.7) |
2,135,908 |
(7.8) |
2,065,251 |
(11.5) |
| With licensed banks |
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2,254,859 |
2,235,771 |
(0.9) |
2,088,314 |
(8.0) |
1,998,584 |
(12.8) |
| With restricted licence banks |
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37,109 |
41,280 |
(-10.1) |
37,046 |
(0.2) |
51,844 |
(-28.4) |
| With deposit-taking companies |
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9,849 |
9,895 |
(-0.5) |
10,549 |
(-6.6) |
14,822 |
(-33.6) |
| HK$ deposits@ |
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1,641,444 |
1,632,910 |
(0.5) |
1,556,929 |
(5.4) |
1,599,399 |
(2.6) |
| Demand deposits |
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89,805 |
89,313 |
(0.6) |
90,989 |
(-1.3) |
123,339 |
(-27.2) |
| Savings deposits |
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310,758 |
298,135 |
(4.2) |
309,886 |
(0.3) |
347,961 |
(-10.7) |
| Time deposits@ |
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1,240,881 |
1,245,462 |
(-0.4) |
1,156,054 |
(7.3) |
1,128,099 |
(10.0) |
| US$ deposits* |
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729,779 |
715,330 |
(2.0) |
646,130 |
(12.9) |
532,329 |
(37.1) |
| Other foreign currency deposits* |
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507,166 |
502,863 |
(0.9) |
506,379 |
(0.2) |
579,051 |
(-12.4) |
| Foreign currency deposits* |
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1,236,945 |
1,218,193 |
(1.5) |
1,152,509 |
(7.3) |
1,111,380 |
(11.3) |
| All deposits |
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2,878,389 |
2,851,103 |
(1.0) |
2,709,438 |
(6.2) |
2,710,779 |
(6.2) |
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| Foreign currency swap deposits |
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33,947 |
33,596 |
(1.0) |
35,190 |
(-3.5) |
35,906 |
(-5.5) |
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| Total Loans and advances |
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| Loans for use in H.K. |
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2,156,684 |
2,170,497 |
(-0.6) |
2,198,891 |
(-1.9) |
2,235,559 |
(-3.5) |
| To finance H.K.'s visible trade |
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146,975 |
151,389 |
(-2.9) |
158,556 |
(-7.3) |
175,200 |
(-16.1) |
| To finance merchandising trade not touching H.K. |
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17,190 |
17,336 |
(-0.8) |
18,469 |
(-6.9) |
22,221 |
(-22.6) |
| Other loans for use in H.K. |
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1,992,519 |
2,001,772 |
(-0.5) |
2,021,867 |
(-1.5) |
2,038,139 |
(-2.2) |
| Loans for use outside H.K.# |
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1,203,896 |
1,248,541 |
(-3.6) |
1,395,096 |
(-13.7) |
2,042,308 |
(-41.1) |
| Other loans for use outside H.K. |
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1,171,605 |
1,210,012 |
(-3.2) |
1,358,423 |
(-13.8) |
1,992,951 |
(-41.2) |
| Other loans where the place of use is not known |
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32,291 |
38,529 |
(-16.2) |
36,674 |
(-12.0) |
49,358 |
(-34.6) |
| Loans in HK$ |
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1,707,660 |
1,716,005 |
(-0.5) |
1,735,671 |
(-1.6) |
1,793,433 |
(-4.8) |
| Loans in US$ |
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679,664 |
698,963 |
(-2.8) |
715,122 |
(-5.0) |
737,710 |
(-7.9) |
| Loans in other foreign currencies |
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973,256 |
1,004,069 |
(-3.1) |
1,143,195 |
(-14.9) |
1,746,725 |
(-44.3) |
| Loans in foreign currencies |
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1,652,920 |
1,703,032 |
(-2.9) |
1,858,316 |
(-11.1) |
2,484,435 |
(-33.5) |
| Total loans and advances |
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3,360,580 |
3,419,038 |
(-1.7) |
3,593,987 |
(-6.5) |
4,277,868 |
(-21.4) |
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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. |
TABLE 2 : QUARTERLY ANALYSIS OF LOANS FOR USE IN HONG KONG BY SECTOR - SEP 1998
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Adjusted# % change from earlier quarters to Sep 1998 |
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Sectors |
Sep 1998 |
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Jun 1998 |
Mar 1998 |
Sep 1997 |
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(HK$ Mn) |
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Trade Financing |
164,164 |
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-7.3 |
-9.7 |
-16.8 |
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Manufacturing |
99,571 |
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-6.0 |
-7.8 |
-10.6 |
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Transport and transport equipment |
106,339 |
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0.4 |
4.1 |
9.6 |
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Building, construction, property |
430,991 |
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-2.1 |
-1.7 |
0.2 |
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development and investment |
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Wholesale and retail trade |
187,378 |
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-4.1 |
-5.5 |
-5.7 |
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Financial concerns * |
247,343 |
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-2.8 |
-8.0 |
-7.2 |
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Stockbrokers |
6,342 |
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-18.2 |
-34.4 |
-86.2 |
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Individuals: |
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to purchase flats in the Home |
69,300 |
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3.9 |
16.2 |
15.6 |
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Ownership Scheme and Private |
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Sector Participation Scheme |
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to purchase other residential |
506,236 |
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1.3 |
3.1 |
7.7 |
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property |
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other purposes |
149,000 |
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-2.9 |
-2.1 |
-4.5 |
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Others |
190,021 |
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-1.3 |
-1.7 |
-6.3 |
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Total |
2,156,684 |
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-1.9 |
-2.1 |
-3.5 |
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| # |
With the introduction of the new Return on Loans and Advances and Provisions (as revised from the Return on Loans and Advances |
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for Use in Hong Kong) as from December 1994, a number of AIs have reclassified certain components. As a result, the figures are not |
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strictly comparable with those of previous quarters. The percentage changes given above have been adjusted, so far as possible, to |
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remove the reclassification effect and therefore cannot be calculated directly from the published figures. |
| * |
This excludes funds advanced to authorized institutions. |
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| Note : Data may not add up to total due to rounding. |
