Monetary Statistics for November 2003

Press Releases

31 Dec 2003

Monetary Statistics for November 2003

According to statistics published today (Wednesday) by the Hong Kong Monetary Authority, total deposits with authorized institutions declined by 0.7% in November. Of the total, Hong Kong dollar deposits decreased by 3.2%, while foreign currency deposits rose by 2.3%. The drop in Hong Kong dollar deposits followed a notable increase in October, which was attributable partly to placements related to initial public offerings.

Total loans and advances shrank by 2.3% in November, with loans for use in Hong Kong and outside Hong Kong declining by 2.4% and 1.6% respectively. Analysed by currency, Hong Kong dollar loans fell, while foreign currency loans recorded a small rise. As Hong Kong dollar deposits registered a larger decrease than Hong Kong dollar loans, the Hong Kong dollar loan-to-deposit ratio increased marginally, to 82.7% in November.

On a seasonally adjusted basis, Hong Kong dollar M1 grew by 4.4% during the month and by 29.9% from a year ago. Unadjusted Hong Kong dollar M2 and M3 both dropped by 2.7% during the month, but grew by 3.9% and 3.7% respectively on a year-on-year comparison.

For further enquiries, please contact:

Jasmin Fung, Manager (Press), at 2878 8246 or
Kevin Ip, Manager (Press), at 2878 1687

Hong Kong Monetary Authority
31 December 2003


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Last revision date : 31 December 2003