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The following is issued on behalf of the Hong Kong Monetary Authority:
According to statistics published today (January 30) by the Hong Kong Monetary Authority, total deposits with authorized institutions expanded by 2.6% in December 2008. Hong Kong-dollar deposits rose by 2.5% during the month, as the increases in demand and savings deposits exceeded the decline in time deposits. Foreign-currency deposits also grew by 2.8% in December. Accounting for around 2.1% of foreign-currency deposits, renminbi deposits in Hong Kong declined further by 9.5% to RMB56.1 billion at the end of December.
Total loans and advances shrank by 2.1% in December. Loans for use in Hong Kong decreased by 1.9% and loans for use outside Hong Kong declined by 2.9%. Because loans contracted while deposits climbed, the Hong Kong-dollar loan-to-deposit ratio moderated further to 77.6% at the end of December.
In the final quarter of 2008, loans for use in Hong Kong contracted by 3.5%. Analysed by economic uses, most types of loans declined amid the worsened global financial crisis. Lending to financial concerns shrank by 5.4% and trade financing loans declined for the second consecutive quarter.
Seasonally-adjusted Hong Kong-dollar M1 increased by 4.0% in December and rose by 8.0% from a year earlier. Unadjusted Hong Kong-dollar M3 grew by 2.5% during the month but contracted by 1.2% year on year.
For further enquiries, please contact:
Thomas Chan, Communications Chief, at 2878 1480 or
Peggy Lo, Manager (Communications), at 2878 1687
Ends/Friday, January 30, 2009
Issued at HKT 17:56
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