Monetary Statistics for November 2001

According to statistics published today (December 28) by the Hong Kong Monetary Authority, both total deposits and loans of all authorized institutions declined during the month of November. Table 1 provides a summary and comparison with earlier months.

Deposits

Total deposits decreased by 0.8% in November. The decline was mainly attributable to a decrease in foreign currency deposits, which more than offset a rise in Hong Kong dollar deposits.

Hong Kong dollar deposits increased slightly by 0.1% in November. The rise was attributable to a 3.2% increase in saving deposits, which more than offset declines in demand and time deposits by 0.5% and 1.4% respectively. Foreign currency deposits contracted by 1.8% during the month. Of the total, US dollar deposits decreased by 1.4%, while non-US dollar foreign currency deposits declined by 2.5%.

Loans and advances

Total loans and advances contracted by 0.4% in November. Of the total, domestic loans rose marginally by 0.1%, while loans for use outside Hong Kong shrank by 3.1%. Analysed by currency, Hong Kong dollar denominated loans increased by 0.4%, while foreign currency loans declined by 2.5%. As Hong Kong dollar loans increased at a faster pace than that of Hong Kong dollar deposits, the Hong Kong dollar loan-to-deposit ratio increased slightly to 88.9%.

Money supply

On a seasonally adjusted basis, Hong Kong dollar M1 rose slightly by 0.3% in November. Of the total, currency held by the public increased by 0.6%, while demand deposits remained virtually unchanged. Both unadjusted Hong Kong dollar M2 and M3 increased by 0.1% in November. Compared with a year ago, unadjusted Hong Kong dollar M1 increased notably by 9.4%, while Hong Kong dollar M2 and M3 rose by 0.9% and 1.1% respectively.

For further enquiries, please contact:

Jasmin Fung, Manager (Press), at 2878 8246 or
Sylvia Yip, Manager (Press), at 2878 1687

Hong Kong Monetary Authority
28 December 2001