HK's Total Deposits Grow 0.2 Percent in June

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Last updated at: (Beijing Time) Friday, August 01, 2003

HK's Total Deposits Grow 0.2 Percent in June

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Total deposits with authorized institutions in Hong Kong grew for the third consecutive month, rising by 0.2 percent in June, the Information Services Departmentof the Hong Kong Special Administrative Region Government announced Thursday.

The increase was attributable to a 0.9 percent rise in Hong Kong dollar deposits, which exceeded a decline of 0.6 percent in foreign currency deposits.

Total loans and advances rose 0.1 percent in June. Of the total,loans for use in Hong Kong were virtually unchanged during the month, while loans for use outside Hong Kong increased 1 percent.

Hong Kong dollar denominated loans and foreign currency loans both recorded a small rise. As Hong Kong dollar deposits increased more than the Hong Kong dollar loans, the Hong Kong dollar loan-to-deposit ratio fell slightly to 86.7 percent in June.

Analyzed by economic use, property-related loans decreased in the June quarter, while trade financing rose notably.

On a seasonally adjusted basis, Hong Kong dollar M1 grew 4.9 percent during the month and 18.8 percent over a year ago. Unadjusted Hong Kong dollar M2 and M3 both rose 0.9 percent duringthe month and 0.5 percent from a year ago.

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