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Monetary statistics for October
The total deposits grew moderately in October, while total loans and advances fell slightly, according to statistics published today (Thursday) by the Hong Kong Monetary Authority.
Table 1 summarises figures for October and comparisons with earlier months.
Deposits
Total deposits grew by 0.5% in October, moderating slightly from 0.8% in September. Within the total, Hong Kong dollar deposits rose by 1.7%, while foreign currency deposits fell by 0.7% during the month.
Within Hong Kong dollar deposits, demand deposits rose by 4.9% in October. However, that growth rate may have been distorted as refunds to unsuccessful subscribers of a new stock issue were made on October 31. As there was an over- subscription of about 10 times, demand deposits were inflated. Adjusted for that amount, demand deposits would still rise by 3.8% in the month.
Both savings and time deposits rose by 1.4% in October, continuing the increases of 2.2% and 3.8% respectively in September.
Swap deposits fell by a further 2.1% in October, resulting in a cumulative reduction of 46.4% since November 1994. This reflects the migration to Hong Kong dollar time deposits since the removal of ceilings on certain time deposit rates.
The fall in foreign currency deposits was accounted for by a 1.4% reduction in non-US dollar deposits and a very slight fall in US dollar deposits in the month.
Loans and Advances
Total outstanding loans and advances fell by 0.9% in October after a rebound of 0.7% in September. The fall was attributable to a 2.2% decrease in loans for use outside Hong Kong (including those where the place of use is unknown), while domestic loans rose by 0.9% in the month.
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