According to statistics published today (Friday) by the Hong Kong Monetary Authority, total deposits with authorized institutions dropped slightly in January, as a decline in Hong Kong dollar deposits (0.8%) exceeded a rise in foreign currency deposits (0.5%). The fall in the Hong Kong dollar deposits was largely attributable to a shift from deposits to cash ahead of the Chinese New Year holidays. Both US dollar and other foreign currency deposits registered a small increase during the month.
Total loans and advances were virtually unchanged in January, as a decline in loans for use outside Hong Kong was offset by an increase in loans for use in Hong Kong. Analysed by currency, Hong Kong dollar denominated loans grew while foreign currency loans contracted during the month. The Hong Kong dollar loan-to-deposit ratio edged up slightly to 89.5%.
On a seasonally adjusted basis, Hong Kong dollar M1 declined by 2.3% during the month but rose by 8.6% over a year ago. Unadjusted Hong Kong dollar M2 and M3 increased by 0.2% and 0.1% respectively. They were both 0.1% higher than the levels a year ago.
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
28 February 2003