Monetary Statistics for July 2002

According to statistics published today (Friday) by the Hong Kong Monetary Authority, total deposits in authorized institutions declined moderately in July, due to decreases in both Hong Kong dollar and foreign currency deposits. Hong Kong dollar deposits fell by 1.6% in July. This was attributable to a drop in both savings and time deposits, which more than offset an increase in demand deposits. Foreign currency deposits recorded a decline of 0.9%, as a fall in US dollar deposits outweighed a rise in non-US dollar foreign currency deposits.

Total loans and advances contracted slightly in July. Of the total, loans for use outside Hong Kong increased by 1.3%, while loans for use in Hong Kong decreased by 1.0%. Analysed by currency, Hong Kong dollar denominated loans declined, while foreign currency loans were virtually unchanged. As Hong Kong dollar loans fell less than Hong Kong dollar deposits, the Hong Kong dollar loan-to-deposit ratio rose slightly to 89.7%.

On a seasonally adjusted basis, Hong Kong dollar M1 rose by 1.9% during the month and by 15.8% from a year ago. Unadjusted Hong Kong dollar M2 and M3 both fell, by 1.6% and 1.5% respectively, but they were little changed compared with a year before.

For further enquiries, please contact:

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

Hong Kong Monetary Authority
30 August 2002

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