Monetary Statistics for November 2002

According to statistics published today (Monday) by the Hong Kong Monetary Authority, total deposits in authorized institutions grew modestly in November, as increases in Hong Kong dollar and US dollar deposits outweighed a fall in other foreign currency deposits. The rise in Hong Kong dollar deposits (0.1%) 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 2.3%, while other foreign currency deposits dropped by 2.5%.

Loans and advances contracted further in November. Of the total, loans for use outside Hong Kong shrank by 2.9%, while loans for use in Hong Kong were little changed during the month. 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 marginally to 88.3%.

On a seasonally adjusted basis, Hong Kong dollar M1 rose by 1.1% during the month and 11.7% from a year ago. Unadjusted Hong Kong dollar M2 and M3 both increased by 0.3%. They were 0.9% and 0.8% respectively 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 December 2002

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