*********************************
The following is issued on behalf of the Hong Kong Monetary Authority:
According to statistics published today (August 31) by the Hong Kong Monetary Authority, total deposits with authorised institutions increased by 1.8% in July 2010. Hong Kong-dollar deposits rose by 1.1% during the month as the expansion in demand and savings deposits exceeded the decline in time deposits. Foreign-currency deposits also climbed by 2.5% in July. Accounting for around 3.9% of foreign-currency deposits, renminbi deposits in Hong Kong grew markedly by 15.6% to RMB103.7 billion at the end of July, reflecting the expanding scope of renminbi banking business in Hong Kong.
Total loans and advances rose by 1.9% in July. Loans for use in Hong Kong grew by 1.8% and loans for use outside Hong Kong expanded by 2.0%. As Hong Kong-dollar loans increased at a slower rate than deposits, the Hong Kong-dollar loan-to-deposit ratio declined to 77.3% at the end of July from 77.7% at the end of June.
Seasonally adjusted Hong Kong-dollar M1 climbed by 3.8% in July and rose by 12.5% year on year. Unadjusted Hong Kong-dollar M3 increased by 1.2% during the month and expanded by 4.3% from a year earlier.
Ends/Tuesday, August 31, 2010
Issued at HKT 16:53
NNNN
