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The following is issued on behalf of the Hong Kong Monetary Authority:
According to statistics published today (June 30) by the Hong Kong Monetary Authority, total deposits with authorised institutions increased by 2.0% in May 2009. Hong Kong-dollar deposits rose by 2.7% during the month, as the expansion in demand and savings deposits exceeded the contraction in time deposits. Foreign-currency deposits also climbed by 1.4% in May. Accounting for around 2.0% of foreign-currency deposits, renminbi deposits in Hong Kong grew by 0.8% to RMB53.4 billion at the end of May.
Total loans and advances increased slightly by 0.2% in May. Loans for use in Hong Kong grew by 0.4% while loans for use outside Hong Kong contracted by 0.7%. Because Hong Kong-dollar loans were little changed while deposits climbed, the Hong Kong-dollar loan-to-deposit ratio declined to 72.7% at the end of May, from 74.7% at the end of April.
Seasonally adjusted Hong Kong-dollar M1 rose by 9.6% in May and increased by 26.8% from a year earlier. Unadjusted Hong Kong-dollar M3 grew by 2.5% during the month and climbed by 8.1% year on year.
For further enquiries, please contact:
Thomas Chan, Communications Chief, at 2878 1480 or
Hing-fung Wong, Manager (Communications), at 2878 1802
Ends/Tuesday, June 30, 2009
Issued at HKT 18:16
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