According to statistics published today (December 30, 1998) by the Hong Kong Monetary Authority (HKMA), both total deposits and loans and advances decreased in November. Table 1 provides a summary and comparison with earlier months.
Deposits
Total deposits dropped by 0.7% in November, mainly due to a reduction in foreign currency deposits. Hong Kong dollar deposits rose slightly by 0.2%, while foreign currency deposits contracted by 1.7%. Consequently, the share of HK$ deposits to total deposits increased to 57.2% at end-November, from 56.7% at end-October.
Among HK$ deposits, demand and savings deposits grew sharply by 5.5% and 9.9% respectively during the month. However, time deposits fell for the third consecutive month, by 3.2% in November. The continued shift to demand and savings deposits from time deposits in part reflected the decrease in interest rates. Improved sentiment in stock and property markets might also have induced some depositors to place deposits at the shorter end.
US$ deposits decreased by 0.6%, while non-US$ foreign currency deposits fell by 3.3%. The latter was partly due to valuation effects (during November, the HK dollar appreciated by 6.8% against the Japanese yen).
Loans and advances
During the month, total loans and advances decreased by 4.1%. Offshore loans dropped sharply by 9.4% while domestic loans declined slightly by 0.8%. Among domestic loans, loans for trade financing contracted further by 3.7%, while loans for other uses declined moderately by 0.6%. The HK$ loan-to-deposit ratio decreased marginally to 101.5% at end-November, from 101.6% at end-October.
Money supply
HK$M1 rose by 3.3% in November, having increased by 2.5% in October. Both HK$M2 and HK$M3 were up by 0.2% during the month. In the twelve months to November, HK$M1 fell by 3.2%, while HK$M2 and HK$M3 grew by 10.4% and 10.0% 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 December 1998
TABLE 1 : MONETARY STATISTICS - Nov 1998
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(HK$mn) |
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Earlier months (% change to Nov 1998) |
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Nov 1998 |
Oct 1998 |
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Aug 1998 |
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Nov 1997 |
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| Money Supply |
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| M1 - HK$ |
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179,030 |
173,238 |
(3.3) |
167,163 |
(7.1) |
185,016 |
(-3.2) |
| Foreign currency |
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21,044 |
21,549 |
(-2.3) |
19,073 |
(10.3) |
22,278 |
(-5.5) |
| Total |
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200,074 |
194,787 |
(2.7) |
186,236 |
(7.4) |
207,294 |
(-3.5) |
| M2 - HK$@ |
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1,805,165 |
1,801,160 |
(0.2) |
1,758,321 |
(2.7) |
1,634,599 |
(10.4) |
| Foreign currency* |
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1,236,411 |
1,257,642 |
(-1.7) |
1,202,651 |
(2.8) |
1,098,081 |
(12.6) |
| Total |
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3,041,576 |
3,058,802 |
(-0.6) |
2,960,972 |
(2.7) |
2,732,680 |
(11.3) |
| M3 - HK$@ |
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1,816,746 |
1,813,398 |
(0.2) |
1,773,358 |
(2.4) |
1,651,784 |
(10.0) |
| Foreign currency* |
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1,283,105 |
1,306,918 |
(-1.8) |
1,252,296 |
(2.5) |
1,166,217 |
(10.0) |
| Total |
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3,099,851 |
3,120,316 |
(-0.7) |
3,025,653 |
(2.5) |
2,818,001 |
(10.0) |
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| Notes and coins in circulation |
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89,218 |
89,221 |
(0.0) |
88,423 |
(0.9) |
89,526 |
(-0.3) |
| of which held by public |
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78,831 |
78,227 |
(0.8) |
77,850 |
(1.3) |
78,567 |
(0.3) |
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| Total Deposits |
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| Total Demand deposits |
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121,242 |
116,560 |
(4.0) |
108,386 |
(11.9) |
128,727 |
(-5.8) |
| Total Savings deposits |
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566,876 |
533,749 |
(6.2) |
455,771 |
(24.4) |
486,499 |
(16.5) |
| Total Time deposits |
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2,241,145 |
2,298,415 |
(-2.5) |
2,286,946 |
(-2.0) |
2,041,497 |
(9.8) |
| With licensed banks |
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2,194,183 |
2,249,556 |
(-2.5) |
2,235,771 |
(-1.9) |
1,973,942 |
(11.2) |
| With restricted licence banks |
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37,128 |
38,790 |
(-4.3) |
41,280 |
(-10.1) |
52,633 |
(-29.5) |
| With deposit-taking companies |
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9,834 |
10,069 |
(-2.3) |
9,895 |
(-0.6) |
14,921 |
(-34.1) |
| HK$ deposits@ |
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1,676,145 |
1,673,324 |
(0.2) |
1,632,910 |
(2.6) |
1,520,612 |
(10.2) |
| Demand deposits |
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100,198 |
95,011 |
(5.5) |
89,313 |
(12.2) |
106,449 |
(-5.9) |
| Savings deposits |
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400,159 |
364,150 |
(9.9) |
298,135 |
(34.2) |
328,606 |
(21.8) |
| Time deposits@ |
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1,175,787 |
1,214,163 |
(-3.2) |
1,245,462 |
(-5.6) |
1,085,557 |
(8.3) |
| US$ deposits* |
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742,898 |
747,595 |
(-0.6) |
715,330 |
(3.9) |
600,601 |
(23.7) |
| Other foreign currency deposits* |
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510,221 |
527,805 |
(-3.3) |
502,863 |
(1.5) |
535,509 |
(-4.7) |
| Foreign currency deposits* |
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1,253,119 |
1,275,400 |
(-1.7) |
1,218,193 |
(2.9) |
1,136,111 |
(10.3) |
| All deposits |
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2,929,263 |
2,948,724 |
(-0.7) |
2,851,103 |
(2.7) |
2,656,722 |
(10.3) |
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| Foreign currency swap deposits |
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29,931 |
31,381 |
(-4.6) |
33,596 |
(-10.9) |
41,390 |
(-27.7) |
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| Total Loans and advances |
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| Loans for use in H.K. |
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2,129,054 |
2,146,332 |
(-0.8) |
2,170,669 |
(-1.9) |
2,209,735 |
(-3.7) |
| To finance H.K.'s visible trade |
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138,153 |
143,928 |
(-4.0) |
151,435 |
(-8.8) |
171,840 |
(-19.6) |
| To finance merchandising trade not touching H.K. |
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16,687 |
16,918 |
(-1.4) |
17,336 |
(-3.7) |
20,943 |
(-20.3) |
| Other loans for use in H.K. |
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1,974,214 |
1,985,486 |
(-0.6) |
2,001,897 |
(-1.4) |
2,016,951 |
(-2.1) |
| Loans for use outside H.K.# |
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1,199,508 |
1,323,781 |
(-9.4) |
1,248,679 |
(-3.9) |
1,975,733 |
(-39.3) |
| Other loans for use outside H.K. |
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1,166,335 |
1,293,489 |
(-9.8) |
1,210,150 |
(-3.6) |
1,927,184 |
(-39.5) |
| Other loans where the place of use is not known |
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33,173 |
30,292 |
(9.5) |
38,529 |
(-13.9) |
48,549 |
(-31.7) |
| Loans in HK$ |
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1,701,589 |
1,700,338 |
(0.1) |
1,716,005 |
(-0.8) |
1,731,212 |
(-1.7) |
| Loans in US$ |
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639,637 |
661,481 |
(-3.3) |
699,273 |
(-8.5) |
775,307 |
(-17.5) |
| Loans in other foreign currencies |
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987,336 |
1,108,293 |
(-10.9) |
1,004,069 |
(-1.7) |
1,678,949 |
(-41.2) |
| Loans in foreign currencies |
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1,626,973 |
1,769,775 |
(-8.1) |
1,703,342 |
(-4.5) |
2,454,256 |
(-33.7) |
| Total loans and advances |
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3,328,561 |
3,470,113 |
(-4.1) |
3,419,347 |
(-2.7) |
4,185,468 |
(-20.5) |
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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. |
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