According to statistics published today (30 December 1999) by the Hong Kong Monetary Authority, total deposits and total loans and advances increased during the month of November. Table 1 provides a summary and comparison with earlier months.
Total deposits increased further by 1.5% in November, following a 0.5% rise in the preceding month. As foreign currency deposits rose faster than Hong Kong dollar deposits, the share of Hong Kong dollar deposits in total deposits decreased slightly from 55.4% in October to 55.3% in November.
Hong Kong dollar deposits increased for the third consecutive month, by 1.3% in November. The increase in Hong Kong dollar deposits was across-the-board, with demand, savings and time deposits all registering a rise.
Foreign currency deposits increased more notably by 1.7% during the month. Of the total, US dollar deposits rose moderately by 0.5%, while non-US dollar deposits registered a larger increase of 3.4%, mainly reflecting valuation effects.
Total loans and advances increased by 0.5% in November. Of the total, domestic loans rose moderately by 0.3%, the first month-on-month increase since June 1998. Part of this rise was attributable to increased short-term borrowings amid buoyant share flotation exercises in November. As Hong Kong dollar deposits increased faster than Hong Kong dollar loans, the Hong Kong dollar loan-to-deposit ratio declined from 93.3% at end-October to 92.6% at end-November.
Hong Kong dollar M1 grew by 0.6% in November, with both demand deposits and currency held by the public registering a rise. Meanwhile, both Hong Kong dollar M2 and M3 increased by 1.1% during the month. In the twelve months to November, Hong Kong dollar M1 grew by 5.4%, while Hong Kong dollar M2 and M3 both increased by 5.0%.
For enquiries, please contact the Press Section, Hong Kong Monetary Authority. (Telephone: 2878 8261)
Hong Kong Monetary Authority
30 December 1999