Both Hong Kong dollar savings deposits and Hong Kong dollar time deposits decelerated to 0.2% and 0.5% growth during the month from 4.1% and 2.4% respectively in December.
Foreign currency swap deposits fell by a further 3.9% in January, cumulating in a 54% reduction since the peak of November 1994.
The foreign currency deposits fell by 0.5% and was attributable to a 1.9% decrease in US dollar deposits, which more than offset the 0.9% increase in non-US dollar foreign currency deposits during the month.
Loans and advances
Total loans and advances fell by 1.4% in January, after a 0.2% increase in December. This was mainly due to the fall of 3.6% in the loans for use outside Hong Kong (including those where the place of use is unknown). Loans for use in Hong Kong (including those to finance visible trade), on the other hand, rose by 1.6% in January.
Analysed by currency, Hong Kong dollar loans rose by 1.8% and foreign currency loans fell by 3% during the month.
As Hong Kong loans grew more rapidly than Hong Kong deposits, the Hong Kong dollar loan-to-deposit ratio rebounded to 106.7%, compared with 105.7% in December.
Money supply
In line with the increase in Hong Kong dollar demand deposits, HK$M1 rose by 2.9% in January. HK$M2 and HK$M3 rose by 0.9% and 0.8% respectively.