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The following is issued on behalf of the Hong Kong Monetary Authority:
According to statistics published today (December 31) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased by 1.6% in November 2008. Hong Kong-dollar deposits edged up by 0.2% during the month, as the rise in savings deposits exceeded the decline in demand and time deposits. Foreign-currency deposits grew by 3.1% in November. Accounting for around 2.4% of foreign-currency deposits, renminbi deposits in Hong Kong declined further by 6.3% to RMB61.9 billion yuan at the end of November.
Total loans and advances shrank by 1.1% in November. Loans for use in Hong Kong decreased by 1.0% and loans for use outside Hong Kong declined by 1.8%. Because loans contracted but deposits grew, the Hong Kong-dollar loan-to-deposit ratio moderated further to 80.7% at the end of November.
Seasonally-adjusted Hong Kong-dollar M1 increased by 1.6% in November and rose by 11.2% from a year earlier. Unadjusted Hong Kong-dollar M3 climbed by 0.1% during the month but contracted by 11.9% year on year.
For further enquiries, please contact:
Peggy Lo, Manager (Communications), at 2878 1687 or
Hing-fung Wong, Manager (Communications), at 2878 1802
Ends/Wednesday, December 31, 2008
Issued at HKT 16:33
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