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Monetary Statistics for July 2001 According to statistics published today (Friday) by the Hong Kong Monetary Authority, both total deposits and loans of all authorized institutions declined during the month of July. Table 1 provides a summary and comparison with earlier months. Deposits Total deposits decreased slightly by 0.2% in July. The fall was attributable to decreases in Hong Kong dollar and non-US dollar foreign currency deposits, which more than offset a rise in US dollar deposits. Hong Kong dollar deposits declined by 0.5% in July, attributable to decreases in savings and time deposits. Foreign currency deposits increased marginally by 0.1%. Of the total, US dollar deposits rose by 0.4%, while non-US dollar foreign currency deposits declined by 0.3%. Loans and advances Total loans and advances contracted by 1.7% in July. Of the total, domestic loans declined by 1.0%, while loans for use outside Hong Kong shrank notably by 5.1%. Analysed by currency, both Hong Kong dollar denominated loans and foreign currency loans contracted in July. As Hong Kong dollar loans declined more than Hong Kong dollar deposits, the Hong Kong dollar loan-to-deposit ratio declined to 90.2% in July. Money supply On a seasonally adjusted basis, Hong Kong dollar M1 rose by 3.0% in July. The rise was a result of increases in both currency held by the public and demand deposits. Nevertheless, both unadjusted Hong Kong dollar M2 and M3 declined slightly, by 0.4% in July. Compared with a year ago, unadjusted Hong Kong dollar M1 increased by 4.7%, while Hong Kong dollar M2 and M3 rose by 2.0% and 2.1% respectively. For further enquiries, please contact: Jasmin Fung, Manager
(Press), at 2878 8246 or Hong Kong Monetary Authority
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