Monetary Statistics for May 2002

According to statistics published today (Friday) by the Hong Kong Monetary Authority, total deposits in authorized institutions rose slightly by 0.6% in May, due to increases in both Hong Kong dollar and foreign currency deposits. Hong Kong dollar deposits increased for the third consecutive month, by 0.7%. The rise was attributable to increases in demand and savings deposits, which more than offset a decline in time deposits. Foreign currency deposits registered a small rise of 0.4%. Both US dollar and non-US dollar foreign currency deposits rose during the month.

Total loans and advances dropped by 0.3% during the month. Of the total, both loans for use outside Hong Kong and loans for use in Hong Kong decreased, by 0.4% and 0.2% respectively. Analysed by currency, Hong Kong dollar denominated loans declined, while foreign currency loans increased. As Hong Kong dollar deposits registered a rise while Hong Kong dollar loans decreased, the Hong Kong dollar loan-to-deposit ratio fell slightly to 89.3%.

On a seasonally adjusted basis, Hong Kong dollar M1 rose by 1.9% in May and by 17.1% from a year ago. Unadjusted Hong Kong dollar M2 and M3 both increased by 0.6% during the month and by 1.7% and 1.8% respectively from a year ago.

For further enquiries, please contact:

Jasmin Fung, Manager (Press), at 2878 8246 or
Thomas Chan, Senior Manager (Press), at 2878 1480

Hong Kong Monetary Authority
28 June 2002

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