Monetary Statistics for August 2002

According to statistics published today (Monday) by the Hong Kong Monetary Authority, total deposits in authorized institutions increased marginally in August, as a rise in Hong Kong dollar deposits exceeded a drop in foreign currency deposits. The rise in Hong Kong dollar deposits of 0.2% in August was attributable to an increase in savings deposits, which more than offset decreases in demand and time deposits. Foreign currency deposits recorded a small decline of 0.1%, as a fall in US dollar deposits outweighed a rise in non-US dollar foreign currency deposits.

Total loans and advances contracted moderately in August. Of the total, loans for use outside Hong Kong dropped notably by 3.2%, while loans for use in Hong Kong decreased by 0.3%. Analysed by currency, both Hong Kong dollar denominated loans and foreign currency loans declined. As Hong Kong dollar loans decreased while Hong Kong dollar deposits increased, the Hong Kong dollar loan-to-deposit ratio fell slightly to 89.1%.

On a seasonally adjusted basis, Hong Kong dollar M1 declined by 0.3% during the month, but rose by 14.5% from a year ago. Unadjusted Hong Kong dollar M2 and M3 both increased by 0.2%, but were 0.7% lower than the levels in the same period of 2001.

For further enquiries, please contact:

Sylvia Yip, Manager (Press), at 2878 1687 or
Thomas Chan, Senior Manager (Press), at 2878 1480

Hong Kong Monetary Authority
30 September 2002

Table