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RMB deposits down 2.1%

September 30, 2016

Renminbi deposits in Hong Kong decreased 2.1% to RMB652.9 billion in August while overall foreign-currency deposits edged up by 0.1%, the Monetary Authority said today.

 

Total deposits with authorised institutions increased 1%, with Hong Kong-dollar deposits increasing 1.9%.

 

The total remittance of renminbi for cross-border trade settlement was RMB398.8 billion, compared to RMB407.5 billion in July.

 

Total loans and advances increased 0.5% in August. Loans for use in Hong Kong, including trade finance, grew 0.3%, while loans for use outside Hong Kong increased 1%.

 

As Hong Kong-dollar loans increased at a slower pace than Hong Kong-dollar deposits, the Hong Kong-dollar loan-to-deposit ratio went down to 75.3% at the end of August from 76.4% a month earlier.

 

Seasonally adjusted Hong Kong-dollar M1 increased 2.3% in August and rose 10.1% year-on-year. Unadjusted Hong Kong-dollar M3 grew by 1.8% in August and increased 6.3% from a year earlier.



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