6:00AM New York, 6:00PM Hong Kong - Hong Kong surpluses rise to HK$1.8 billion in the first month of the financial year.
Market sentiment
In Hong Kong trading Hang Seng Index rose 1.22% or 298.24 at 24,831.36, and the China Enterprises Index of HK-listed mainland companies, or H shares, rose 1.86% or 255.86 at 14,026.37. In Shanghai trading, CSI 300 Index gained 0.40% or 14.50 at 3,625.83.
Daily turnover on main-board declined to HK$74.3 billion from HK$85.5 billion on Friday.
Hong Kong surplus rises to HK$1.8 billion
Xinhua News Agency reported the Hong Kong Financial Services and Treasury Bureau said on Friday that a surplus of HK$1.8 billion was realized in the Hong Kong Special Administrative Region government’s first month of the current financial year. HK government's fiscal reserves increased to HK$494.8 billion.
During the month of April, HK$22.2 billion was realized in revenue, while expenditures were HK$20.4 billion, yielding a surplus of HK$1.8 billion. According to the report, total government debts were HK$20.08 billion.
HK money supply increases
Seasonally adjusted Hong Kong dollar M1 decreased by 0.1% in April but rose by 14.6% year on year. Unadjusted Hong Kong dollar M3 expanded by 0.1% during the month and grew 10.5% from a year earlier.
According to statistics published on Friday by the Hong Kong Monetary Authority, total deposits with authorized institutions increased 0.3% in April 2008. Hong Kong dollar deposits rose 0.3%, as the expansion in savings deposits exceeded the decreases in demand and time deposits.
Foreign currency deposits grew by 0.2%. In particular, renminbi deposits increased by 33.0% to RMB76.6 billion yuan at the end of April, accounting for around 3.1% of foreign currency deposits.
Total loans and advances rose by 1.6% in April. Loans for use in Hong Kong expanded by 1.6% and loans for use outside Hong Kong grew by 1.9%. With faster growth in loans relative to deposits, the Hong Kong dollar loan-to-deposit ratio picked up further to 77.4% at the end of April, compared with 76.5% at the end of March.
Hong Kong Exchange Fund assets rise to HK$1.46 trillion
Separately, the Hong Kong Monetary Authority said Friday that the Hong Kong Exchange Fund's total assets increased HK$8.1 billion from March to HK$1.46 trillion.
The HKMA said foreign-currency assets declined HK$15.8 billion and Hong Kong dollar assets rose HK$23.9 billion on valuation losses on foreign-currency investments and redemption of government debts.
In addition, the rise in Hong Kong dollar assets was due mainly to valuation gains on Hong Kong equities held by the Exchange Fund and placements received from fiscal reserve.
Statistics from the monetary authorities reveal that the Monetary Base fell 0.8% from March at HK$326.2 billion on a decrease in Certificates of Indebtedness and the market value of Exchange Fund Bills and Notes outstanding.
The Backing Assets slipped 1.2% from the previous month to HK$358.6 billion in April.
China’s residential sales drop 4% in January-April period
The People’s Daily online reported on Saturday, quoting the National Development and Reform Commission, that China’s commercial residential sales dropped 4% from a year ago to 136.6 million square meters during the January to April period from a 16.6% rise in the same period a year earlier. |
