Monetary Statistics for November 2000

According to statistics published today (29 December 2000) by the Hong Kong Monetary Authority, total deposits increased, while loans and advances of all authorised institutions decreased during the month of November. Table 1 provides a summary and comparison with earlier months.

Deposits

Total deposits rose by 1.9% in November. The rise was mainly attributable to increases in Hong Kong dollar and US dollar deposits, which more than offset a decline in non-US dollar foreign currency deposits.

Hong Kong dollar deposits increased slightly by 1.4% in November, following a fall in the preceding month. The rise was across-the-board, with demand, savings and time deposits all increasing. Foreign currency deposits increased more notably by 2.5% during the month. Of the total, US dollar deposits rose notably by 4.1%, while non-US dollar deposits contracted by 0.5%.

Loans and advances

Total loans and advances shrank by 0.5% in November. Domestic loans rose modestly by 0.4%, following a decline in the preceding month. Meanwhile, loans for use outside Hong Kong contracted by 3.6%.

Analysed by currency, Hong Kong dollar denominated loans increased slightly in November, while foreign currency loans declined. As Hong Kong dollar deposits rose more than Hong Kong dollar loans during the month, the Hong Kong dollar loan-to-deposit ratio fell slightly to 90.4% in November.

Money supply

On a seasonally adjusted basis, Hong Kong dollar M1 increased by 1.7% in November. Of the total, demand deposits rose notably by 3.2%, which more than offset a 0.1% fall in currency held by the public. Unadjusted Hong Kong dollar M1 increased by 0.6% in November, while both Hong Kong dollar M2 and M3 rose by 1.2%. Compared with a year ago, Hong Kong dollar M1 rose by 7.1% in November, while Hong Kong dollar M2 and M3 increased by 4.4% and 4.5% respectively.

For further enquiries, please contact:

Caitlin Wong, Manager (Press), at 2878 1687 or

Thomas Chan, Senior Manager (Press), at 2878 1480

Hong Kong Monetary Authority

29 December 2000