Hong Kong M1 unchanged in Feb; unadjusted M1 drops 4.70 pct: HKMA

HONG KONG (AFX-ASIA) - M1 Money supply in February was virtually unchanged, but unadjusted M1 contracted notably by 4.70 pct month-on-month, due to a significant decline of 8.7 pct in currency held by the public after the Chinese New Year holidays, the Hong Kong Monetary Authority (HKMA) said.	    Both M2 and M3 decreased moderately by 1.10 pct in February, it said.	    On a yearly basis, unadjusted M1 dropped by 6.30 pct in February, while M2 and M3 increased 4.90 pct, it said.	    HKMA said total deposits fell 0.20 pct month-on-month in February, as the decline in Hong Kong dollar deposits outweighed the rise in foreign currency deposits.	    Hong Kong dollar deposits dropped 0.60 pct in February, compared with a 0.20 pct growth in foreign currency deposits for the same period, it said.	    Total loans and advances shrank 0.80 pct month-on-month in February. Both domestic loans and loans for use outside Hong Kong fell by 0.70 pct and 1.30 pct respectively, the HKMA said.	    It said the Hong Kong dollar loan-to-deposit ratio rose slightly from 89.80 pct in January to 91.40 pct in February.    

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