Monetary Statistics for May 2001

According to statistics published today (Friday) by the Hong Kong Monetary Authority, total deposits of all authorized institutions increased, while loans and advances declined during the month of May. Table 1 provides a summary and comparison with earlier months.

Deposits

Total deposits rose slightly by 0.4% in May. The increase was mainly attributable to a rise in non-US dollar foreign currency deposits, which more than offset a decline in Hong Kong dollar and US dollar deposits.

Hong Kong dollar deposits decreased slightly by 0.3% in May. The fall was attributable to a decline in time deposits, which exceeded increases in demand and savings deposits. On the other hand, foreign currency deposits increased moderately by 1.2%. Of the total, a notable rise in non-US dollar foreign currency deposits more than offset a decline in US dollar deposits.

Loans and advances

Total loans and advances contracted by 0.6% in May, with both domestic loans and loans for use outside Hong Kong registering a decline, by 0.3% and 2.2% respectively.

Analysed by currency, both Hong Kong dollar denominated loans and foreign currency loans contracted in May. As Hong Kong dollar loans decreased more than Hong Kong dollar deposits, the Hong Kong dollar loan-to-deposit ratio declined marginally to 91.4% in May.

Money supply

On a seasonally adjusted basis, Hong Kong dollar M1 rose by 2.3% in May. Of the total, demand deposits increased notably by 4.5%, while currency held by the public declined marginally by 0.1%. Unadjusted Hong Kong dollar M2 and M3 declined slightly by 0.4% and 0.3% respectively in May. Compared with a year ago, unadjusted Hong Kong dollar M1 increased by 4.5%, while Hong Kong dollar M2 and M3 increased by 4.9% and 4.8% 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 June 2001