According to statistics released today by the Monetary Authority of Macao, broad money supply continued to fall in November. As total deposits decreased at a faster pace than total loans, the overall loan-to-deposit ratio of the banking sector grew from a month earlier. Money supply Currency in circulation grew 0.8% whereas demand deposits dropped 0.4%. M1 thus decreased 0.2% from one month earlier. Concurrently, quasi-monetary liabilities dropped 2.0%. The sum of these two items, i.e. M2, decreased 1.7% to MOP469.7 billion. On an annual basis, M1 grew 3.4% whereas M2 dropped 3.0%. The share of Pataca (MOP) in M2 stood at 30.0%, up 0.8 percentage points from a month ago or 4.2 percentage points from a year earlier. The share of Hong Kong Dollar (HKD) in M2 was 50.6%, down 0.1 percentage point month-to-month but up 1.0 percentage point year-on-year. The share of Chinese Yuan (CNY) was 7.4%, down 0.3 percentage points month-to-month or 7.7 percentage points year-on-year. The share of United States Dollar (USD) was 9.7%, down 0.5 percentage points month-to-month but up 2.4 percentage points year-on-year. Deposits Resident deposits decreased 1.8% from the preceding month to MOP457.7 billion. Of which, MOP deposits increased 1.0%. HKD, CNY, USD and other foreign currency deposits decreased 1.9%, 5.9%, 6.2% and 0.2% respectively. Non-resident deposits dropped 2.1% to MOP268.1 billion. Public sector deposits with the banking sector increased 1.1% to MOP124.4 billion. As a result, total deposits with the banking sector dropped 1.5% from a month earlier to MOP850.2 billion. The shares of MOP, HKD, CNY and USD in total deposits were 20.2%, 42.3%, 10.4% and 23.8% respectively. Loans Domestic loans to the private sector increased 0.1% from a month ago to MOP389.3 billion. Among which, MOP106.0 billion was MOP-denominated, MOP255.8 billion was denominated in HKD, MOP3.2 billion was denominated in CNY and MOP21.3 billion was denominated in USD, representing 27.2%, 65.7%, 0.8% and 5.5% of the total respectively. On the other hand, external loans dropped 1.3% to MOP382.0 billion; of which, loans denominated in MOP, HKD, CNY and USD accounted for 1.5% (MOP5.7 billion), 24.0% (MOP91.7 billion), 19.6% (MOP74.7 billion) and 49.6% (MOP189.6 billion) respectively. Operating ratios At end-November, the loan-to-deposit ratio for the resident sector grew 0.9 percentage points from the previous month to 66.9%. The ratio for both the resident and non-resident sectors also rose 0.8 percentage points to 90.7%. The one-month and three-month current assets to liabilities ratios stayed at relatively high levels, marked at 58.2% and 58.7% respectively. The non-performing loan ratio, an indicator for bank asset quality, was 0.1%, virtually unchanged from one month earlier and one year ago.
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