7.
The reported increase in HK$ deposits was the result of a 19.1% rise in demand deposits in August.
The demand deposits figure was however upwardly distorted to the extent that some cheques deposited on August 31 were credited to payees' accounts but were not debited from payers' accounts due to the typhoon on that day. The figures for demand deposits were therefore inflated due to this double counting.
Savings deposits fell by 1.2% in August, while time deposits fell by 0.8%.
Swap deposits fell by a further 4.8% in August, leading to a cumulative loss of 44.5% since November 1994.
Supported by a 2.2% rise in US$ deposits, foreign currency deposits rose by 1.1% in August, compared to the 0.9% fall in July.
Loans and Advances
Total outstanding loans and advances fell by 3.8% in August, continuing the 0.1% fall in July.
The fall was due to a decline in the growth in HK$ loans from 1.2% in July to 0.6% in August, together with a 5.8% fall in foreign currency loans resulting from the negative valuation effect as the HK$ strengthened along with the US$ against other major currencies during the month.
Loans for domestic use rose by 0.7% in August, moderating from the 1.6% growth in July, while loans for trade financing fell by 1.1% in the month, compared to the 1.0% increase in July.
Money Supply
HK$MI rose by 11.4% in August, boosted by the 19.1% increase in demand deposits due to the typhoon on August 31. HK$M2 and HK$M3 both grew by 0.9% in August.
Attention News Editors:
For further enquiries, please contact the Press and Publications Section, Hong Kong Monetary Authority, on tel 2878 8261.