Monetary Statistics for June 2000
According to statistics published today (31 July 2000) by the Hong Kong Monetary Authority, total deposits of all authorised institutions increased, while total loans and advances decreased during the month of June. Table 1 provides a summary and comparison with earlier months.
Deposits
Total deposits increased by 2.7% in June, with both Hong Kong dollar and foreign currency deposits registering similar rates of growth. The share of Hong Kong dollar deposits in total deposits was unchanged at 54.0% in June, compared with the previous month.
Hong Kong dollar deposits rose by 2.7% in June, following a decline of 0.1% in May. The rise was across-the-board, with demand, savings, and time deposits all increasing. Both demand and time deposits increased by 1.9%, while savings deposits rose more notably by 5.1%.
Foreign currency deposits increased for the fifth consecutive month, rising by 2.8% in June. US dollar deposits saw a larger increase of 3.5%, while non-US dollar rose more moderately by 1.7%.
Loans and advances
Total loans and advances declined by 1.0% in June. Domestic loans contracted slightly by 0.1%, following an increase of 0.3% in May. Loans for use outside Hong Kong registered a larger decline of 3.6%. Analysed by currency, Hong Kong dollar-denominated loans decreased by 0.2% in June, while foreign currency loans shrank by 2.5%. As Hong Kong dollar deposits increased while Hong Kong dollar loans declined, the Hong Kong dollar loan-to-deposit ratio fell from 94.3% in May to 91.6% in June.
Quarterly analysis of loans for use in Hong Kong by major economic sector
Along with signs of sustained economic recovery, the decline in domestic credit (including loans for trade financing) moderated notably in 1999, and stabilised in the first half of 2000. Domestic loans declined fractionally by 0.2% in the second quarter, after a flat change in the first quarter of 2000. Analysed by economic use, loans for electricity, gas and telecommunications saw the largest quarter-on-quarter rise (8.1%), followed by loans for credit card advances, and trade financing. In particular, loans for trade financing registered the first quarter-on-quarter increase since September 1997. On the other hand, loans for wholesale and retail trade registered the largest decline (down 5.4%), followed by loans for financial concerns, and manufacturing sector.
Money supply
Hong Kong dollar M1 increased by 1.1% in June, with both currency held by the public and demand deposits registering increases. Meanwhile, Hong Kong dollar M2 and M3 increased by 2.6% and 2.4% respectively. Compared with a year ago, Hong Kong dollar M1 rose by 6.1% in June, while Hong Kong dollar M2 and M3 increased by 4.1% and 4.2% respectively.
For further enquiries, please contact:
Thomas Chan, Senior Manager (Press), at 2878 1480 or
Caitlin Wong, Manager (Press), at 2878 1687
Hong Kong Monetary Authority
31 July 2000
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