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RMB deposits down 5.3%

December 30, 2016

Renminbi deposits in Hong Kong decreased 5.3% to RMB627.6 billion in November while overall foreign-currency deposits grew by 0.7%, the Monetary Authority said today.

 

Total deposits with authorised institutions increased 0.6%, with Hong Kong-dollar deposits increasing 0.4%.

 

The total remittance of renminbi for cross-border trade settlement was RMB390.6 billion, compared to RMB309.4 billion in October.

 

Total loans and advances increased 1% in November. Loans for use in Hong Kong, including trade finance, grew by 1.5%, while loans for use outside Hong Kong edged down by 0.2%.

 

As Hong Kong-dollar loans increased at a faster pace than Hong Kong-dollar deposits, the Hong Kong-dollar loan-to-deposit ratio increased to 76.2% at the end of November from 75.3% a month earlier.

 

Seasonally adjusted Hong Kong-dollar M1 increased 1.1% in November and rose 12% year-on-year. Unadjusted Hong Kong-dollar M3 grew by 0.4% in November and increased 8.7% from a year earlier.



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Asian Financial Forum