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The following is issued on behalf of the Hong Kong Monetary Authority:
According to statistics published today (July 31) by the Hong Kong Monetary Authority, total deposits with authorised institutions grew by 1.8% in June 2009. Hong Kong-dollar deposits rose by 3.1% during the month, with demand, savings and time deposits increasing. Foreign-currency deposits also expanded by 0.4% in June. Accounting for around 2.1% of foreign-currency deposits, renminbi deposits in Hong Kong climbed by 1.7% to RMB54.4 billion at the end of June.
Total loans and advances increased by 1.5% in June. Loans for use in Hong Kong grew by 2% while loans for use outside Hong Kong contracted by 1.2%. Because Hong Kong-dollar deposits rose at a faster rate than Hong Kong-dollar loans, the Hong Kong-dollar loan-to-deposit ratio declined to 72.1% at the end of June from 72.7% at the end of May.
In the second quarter of 2009, loans for use in Hong Kong expanded by 1.7%. Analysed by economic use, lending to stockbrokers recorded a significant growth alongside a buoyant stock market and increased activity in equity initial public offerings. Trade financing loans also increased after contracting in the previous three quarters.
Seasonally adjusted Hong Kong-dollar M1 rose by 2.4% in June and increased by 28.6% from a year earlier. Unadjusted Hong Kong-dollar M3 grew by 2.8% during the month and expanded by 13.3% year on year.
For further enquiries, please contact:
Hing-fung Wong, Manager (Communications), at 2878 1802 or
Natalie Wu, Officer (Communications), at 2878 8246
Ends/Friday, July 31, 2009
Issued at HKT 17:08
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