**********************************
The following is issued on behalf of the Hong Kong Monetary Authority:
According to statistics published today (May 31) by the Hong Kong Monetary Authority, total deposits with authorised institutions increased by 2.5% in April 2010. With demand, savings and time deposits rising, Hong Kong-dollar deposits expanded markedly by 3.7% during the month, partly reflecting buoyant activity in equity initial public offerings. Foreign-currency deposits also climbed by 1.1% in April. Accounting for around 3.1% of foreign-currency deposits, renminbi deposits in Hong Kong recorded double-digit growth, increasing by 14.3% to RMB80.9 billion at the end of April.
Total loans and advances rose by 4.5% in April. Loans for use in Hong Kong grew by 5.0% and loans for use outside Hong Kong expanded by 2.7%. As Hong Kong-dollar loans increased at a faster rate than deposits, the Hong Kong-dollar loan-to-deposit ratio increased to 74.2% at the end of April from 73.3% at the end of March.
Seasonally adjusted Hong Kong-dollar M1 expanded by 8.3% in April and increased by 40.6% year on year. Unadjusted Hong Kong-dollar M3 climbed by 3.4% during the month and rose by 12.8% from a year earlier.
For further enquiries, please contact:
Yokee Wong, Manager (Communications), at 2878 1213 or
Natalie Wu, Officer (Communications), at 2878 8246
Ends/Monday, May 31, 2010
Issued at HKT 17:17
NNNN
