Monetary Statistics for November 1999

According to statistics published today (30 December 1999) by the Hong Kong Monetary Authority, total deposits and total loans and advances increased during the month of November. Table 1 provides a summary and comparison with earlier months.

Deposits

Total deposits increased further by 1.5% in November, following a 0.5% rise in the preceding month. As foreign currency deposits rose faster than Hong Kong dollar deposits, the share of Hong Kong dollar deposits in total deposits decreased slightly from 55.4% in October to 55.3% in November.

Hong Kong dollar deposits increased for the third consecutive month, by 1.3% in November. The increase in Hong Kong dollar deposits was across-the-board, with demand, savings and time deposits all registering a rise.

Foreign currency deposits increased more notably by 1.7% during the month. Of the total, US dollar deposits rose moderately by 0.5%, while non-US dollar deposits registered a larger increase of 3.4%, mainly reflecting valuation effects.

Loans and advances

Total loans and advances increased by 0.5% in November. Of the total, domestic loans rose moderately by 0.3%, the first month-on-month increase since June 1998. Part of this rise was attributable to increased short-term borrowings amid buoyant share flotation exercises in November. As Hong Kong dollar deposits increased faster than Hong Kong dollar loans, the Hong Kong dollar loan-to-deposit ratio declined from 93.3% at end-October to 92.6% at end-November.

Money supply

Hong Kong dollar M1 grew by 0.6% in November, with both demand deposits and currency held by the public registering a rise. Meanwhile, both Hong Kong dollar M2 and M3 increased by 1.1% during the month. In the twelve months to November, Hong Kong dollar M1 grew by 5.4%, while Hong Kong dollar M2 and M3 both increased by 5.0%.

Note to editors

For enquiries, please contact the Press Section, Hong Kong Monetary Authority. (Telephone: 2878 8261)

Hong Kong Monetary Authority

30 December 1999