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Monetary statistics for December 2010
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The following is issued on behalf of the Hong Kong Monetary Authority:

     According to statistics published today (January 31) by the Hong Kong Monetary Authority, total deposits with authorised institutions increased slightly by 0.2% in December 2010.  Hong Kong-dollar deposits declined by 0.5% during the month, as the contraction in demand and savings deposits exceeded the increase in time deposits. In contrast, foreign-currency deposits expanded by 1.0% in December. Reflecting activities in renminbi trade settlement, renminbi deposits in
Hong Kong rose markedly by 12.6% to RMB314.9 billion at the end of December. The total remittance of the renminbi for cross-border trade settlement climbed from RMB93.7 billion in
November to RMB100.9 billion in December.

     Total loans and advances expanded by 2.0% in December. Loans for use in Hong Kong grew by 1.6% and loans for use outside Hong Kong rose by 3.7%. As Hong Kong-dollar loans increased while deposits declined, the Hong Kong-dollar loan-to-deposit ratio climbed to 78.1% at the end of December from 76.8% at the end of November.

     In the final quarter of 2010, loans for use in Hong Kong grew by 1.6%, compared with a 9.3% increase in the previous quarter. Analysed by economic use, most types of loans rose during the quarter but loans to stockbrokers contracted due to a high base of comparison arising from initial public offering activity at the end of the previous quarter.

     Seasonally adjusted Hong Kong-dollar M1 decreased by 2.6% in December but expanded by 8.8% year on year. Unadjusted Hong Kong-dollar M3 declined slightly by 0.3% during the month but increased by 7.6% from a year earlier.

Ends/Monday, January 31, 2011
Issued at HKT 17:33

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