Hong Kong's Total Deposits Increase in August

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Last updated at: (Beijing Time) Tuesday, October 01, 2002

Hong Kong's Total Deposits Increase in August

Total deposits in authorized institutions in Hong Kong increased marginally in August, as a rise in Hong Kong dollar deposits exceeded a drop in foreign currency deposits.

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Total deposits in authorized institutions in Hong Kong increased marginally in August, as a rise in Hong Kong dollar deposits exceeded a drop in foreign currency deposits.

According to statistics published Monday by the Hong Kong Monetary Authority, the rise in Hong Kong dollar deposits of 0.2 percent in August was attributable to an increase in savings deposits.

Foreign currency deposits recorded a small decline of 0.1 percent, as a fall in US dollar deposits outweighed a rise in non-US dollar foreign currency deposits.

Total loans and advances contracted moderately in August. Of the total, loans for use outside Hong Kong dropped notably by 3.2 percent, while loans for use in Hong Kong decreased by 0.3 percent.

New mortgage lending continued to decline in August. New loans drawn down during the month decreased by 15.8 percent to 6.1 billion HK dollars (782 million US dollars).

New loans approved, however, increased slightly by 1.6 percent to 7.5 billion HK dollars (962 million US dollars), driven by a 56.5 percent increase in primary market transactions.

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