Monetary Statistics for October 2001

According to statistics published today (30 November) by the Hong Kong Monetary Authority, both total deposits and loans of all authorized institutions declined during the month of October. Table 1 provides a summary and comparison with earlier months.

Deposits

Total deposits decreased slightly by 0.5% in October, with both Hong Kong dollar and foreign currency deposits declining.

Within Hong Kong dollar deposits, both demand and savings deposits increased, by 9.4% and 2.4% respectively, while time deposits decreased moderately by 2.4% in October. Foreign currency deposits contracted by 0.7%. Of the total, non-US dollar foreign currency deposits declined by 2.2%, while US dollar deposits were virtually unchanged during the month.

Loans and advances

Total loans and advances contracted moderately by 1.2% in October. Of the total, domestic loans declined by 1.1%, while loans for use outside Hong Kong shrank by 2.1%. Analysed by currency, both Hong Kong dollar denominated loans and foreign currency loans declined in October. As Hong Kong dollar loans declined more than Hong Kong dollar deposits, the Hong Kong dollar loan-to-deposit ratio decreased slightly to 88.6%.

Money supply

On a seasonally adjusted basis, Hong Kong dollar M1 rose by 3.7% in October, attributable to increases in both currency held by the public and demand deposits. Both unadjusted Hong Kong dollar M2 and M3 declined by 0.2% in October. Compared with a year ago, unadjusted Hong Kong dollar M1 increased notably by 10%, while Hong Kong dollar M2 and M3 rose by 2.0% and 2.3% respectively.

For further enquiries, please contact:
Jasmin Fung, Manager (Press), at 2878 8246

Hong Kong Monetary Authority
30 November 2001