Renminbi deposits in Hong Kong increased 1.2% to RMB936.8 billion in July while overall foreign-currency deposits grew by 2.5%, the Monetary Authority said today.
Total deposits with authorised institutions grew 2.5% while Hong Kong-dollar deposits rose 2.4%. The total remittance of renminbi for cross-boundary trade settlement was RMB507.6 billion, compared to RMB531.8 billion in June.
Total loans and advances increased 1%. Loans for use in Hong Kong, including trade finance, rose 1.1%, while loans for use outside Hong Kong expanded 0.6%. As Hong Kong-dollar loans increased at a slower pace than deposits, the Hong Kong-dollar loan-to-deposit ratio declined to 80.9% at the end of July from 82.5% a month earlier.
Seasonally adjusted Hong Kong-dollar M1 picked up 2.1% in July and expanded 12% year-on-year. Unadjusted Hong Kong-dollar M3 grew 2.1% and climbed 15% from a year earlier.
