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The following is issued on behalf of the Hong Kong Monetary Authority:
According to statistics published today (April 30) by the Hong Kong Monetary Authority, total deposits with authorized institutions declined by 1.0% in March 2008. Hong Kong dollar deposits contracted by 1.9%, mainly driven by decreases in savings and time deposits in a low interest rate environment. However, foreign currency deposits grew by 0.1%. In particular, renminbi deposits rose by 20.4% to RMB57.6 billion yuan at the end of March, accounting for around 2.3% of foreign currency deposits.
Total loans and advances increased by 2.2% in March. Loans for use in Hong Kong expanded by 1.8% and loans for use outside Hong Kong grew by 4.2%. The Hong Kong dollar loan-to-deposit ratio rose to 76.5% at the end of March, compared with 74.1% at the end of February.
In the first quarter of 2008, loans for use in Hong Kong expanded by 6.3%. Analysed by economic uses, loans to manufacturing and lending to wholesale and retail trade recorded double-digit growth while loans to stockbrokers moderated.
Seasonally adjusted Hong Kong dollar M1 increased by 3.1% in March and rose by 12.4% year on year. Unadjusted Hong Kong dollar M3 declined by 1.9% during the month but grew by 7.8% from a year earlier.
For further enquiries, please contact:
Peggy Lo, Manager (Press), at 2878 1687 or
Hing-fung Wong, Manager (Press), at 2878 1802
Ends/Wednesday, April 30, 2008
Issued at HKT 16:32
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