According to statistics published today (Tuesday) by the Hong Kong Monetary Authority, total deposits with authorized institutions declined by 0.4% in July, as a fall of 1.5% in Hong Kong dollar deposits more than offset a 0.9% rise in foreign currency deposits. Within foreign currency deposits, renminbi deposits amounted to RMB 7.2 billion yuan, compared with RMB 6.8 billion yuan in June.
Total loans and advances declined by 0.9% in July, with loans for use in Hong Kong and outside Hong Kong declining by 0.5% and 4.9% respectively. Analysed by currency, Hong Kong dollar and foreign currency loans both recorded a decrease. As Hong Kong dollar deposits fell more than Hong Kong dollar loans, the loan-to-deposit ratio increased to 86.0% in July.
On a seasonally adjusted basis, Hong Kong dollar M1 shrank by 3.7% in July, but expanded by 32.7% from a year ago. Unadjusted Hong Kong dollar M2 and M3 both decreased by 1.4% during the month, but registered a small rise of 1.5% and 1.3% 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 August 2004