Monetary Statistics for October 2002

According to statistics published today (Friday) by the Hong Kong Monetary Authority, total deposits in authorized institutions grew modestly in October. Both Hong Kong dollar and foreign currency deposits increased, with the latter registering a slightly larger rate of growth. The rise in Hong Kong dollar deposits (0.4%) was attributable to increases in demand and savings deposits, which exceeded a decline in time deposits. Within foreign currency deposits, US dollar deposits rose by 1.1%, while other foreign currency deposits recorded a smaller rise of 0.7%.

Loans and advances contracted further in October. Of the total, loans for use outside Hong Kong dropped by 0.4%, while loans for use in Hong Kong shrank by 0.6%. Analysed by currency, both Hong Kong dollar denominated loans and foreign currency loans fell during the month. As Hong Kong dollar loans declined while Hong Kong dollar deposits increased, the Hong Kong dollar loan-to-deposit ratio decreased slightly to 88.5%.

On a seasonally adjusted basis, Hong Kong dollar M1 dropped by 0.5% during the month, but rose by 11.1% from a year ago. Unadjusted Hong Kong dollar M2 and M3 both increased by 0.4%. They were 0.4% and 0.3% respectively lower than the levels in the same period in 2001.

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
29 November 2002

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