Renminbi deposits in Hong Kong increased 0.8% to RMB944.5 billion in September while overall foreign-currency deposits grew by 1.5%, the Monetary Authority said today.
Total deposits with authorised institutions grew 0.7% while Hong Kong-dollar deposits fell 0.3%. The total remittance of renminbi for cross-boundary trade settlement was RMB605.6 billion, compared to RMB496.2 billion in August.
Total loans and advances increased 0.9%. Loans for use in Hong Kong, including trade finance, rose 0.7%, while loans for use outside Hong Kong expanded 1.6%. As Hong Kong-dollar loans expanded while deposits declined, the Hong Kong-dollar loan-to-deposit ratio rose to 81.8% at the end of September from 80.9% a month earlier.
Seasonally adjusted Hong Kong-dollar M1 fell 0.5% in September and expanded 11.6% year-on-year. Unadjusted Hong Kong-dollar M3 fell 0.3% and climbed 9.7% from a year earlier.