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Monetary statistics for May
Total deposits and total loans and advances both fell in May 1996, according to statistics published by the Hong Kong Monetary Authority (HKMA) today (Friday).
As for the HK dollar components, HK dollar deposits dropped slightly while HK dollar loans rose. Table 1 summarises figures for May 1996 and comparisons with earlier months.
Deposits
HK dollar deposits fell slightly by 0.3% in May while foreign currency deposits dropped by 2.4%. As a result, total deposits declined by 1.3% in May, after a 0.9% rise in April.
The fall in HK dollar deposits in May was attributable to declines in both HK dollar demand and time deposits, which more than offset the rise in HK dollar savings deposits.
During the month, HK dollar demand and time deposits fell by 3.1% and 0.4% respectively, reversing their respective increases of 3.1% and 1.1% in April. On the other hand, HK dollar savings deposits rose by 0.9% in May, having contracted by 1.4% in April.
The decline in foreign currency deposits was accounted for by a fall of 3.5% in non-US dollar foreign currency deposits and a 1.2% drop in US dollar deposits during the month.
Foreign currency swap deposits decreased by a further 0.5% in May. From their peak registered in November 1994, foreign currency swap deposits have fallen for eighteen consecutive months, cumulating a total reduction of 58.5%.
Loans and advances
Total loans and advances contracted by 0.4% in May, reversing the 2.1% growth in April. The fall reflected primarily the decline in offshore lending, with loans for use outside Hong Kong (including those where the place of use is unknown) dropping by 2.3%.
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