HK's Deposits Grow in May

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Last updated at: (Beijing Time) Tuesday, July 01, 2003

HK's Deposits Grow in May

Total deposits with authorized institutions grew for the second consecutive month by 1.3 percent in May, according to statistics published Monday by the Hong Kong Monetary Authority.

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Total deposits with authorized institutions grew for the second consecutive month by 1.3 percent in May, according to statistics published Monday by the Hong Kong Monetary Authority.

The increase was broad-based, with Hong Kong dollar and foreign currency deposits rising by 1.4 percent and 1.2 percent, respectively.

Total loans and advances rose by 0.3 percent in May. Of the total, loans for use in Hong Kong increased by 0.4 percent, while loans for use outside Hong Kong contracted by 0.2 percent.

Analyzed by currency, Hong Kong dollar denominated loans declined, while foreign currency loans recorded a small rise. The Hong Kong dollar loan-to-deposit ratio fell slightly to 87.4 percent in May.

On a seasonally adjusted basis, Hong Kong dollar M1 grew by 2.3percent during the month and by 13.3 percent over a year ago. Unadjusted Hong Kong dollar M2 and M3 rose by 1.3 percent and 1.2 percent respectively during the month, but were 0.3 percent and 0.2 percent lower than a year ago.

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