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RMB deposits up 0.8%

October 31, 2014

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.



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