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The following is issued on behalf of the Hong Kong Monetary Authority:
According to statistics published today (September 30) by the Hong Kong Monetary Authority, total deposits with authorised institutions rose by 0.5% in August. Hong Kong-dollar deposits increased by 0.4% during the month as the expansion in demand and savings deposits exceeded the decline in time deposits. Foreign-currency deposits also grew by 0.7% in August. Accounting for around 4.9% of foreign-currency deposits, renminbi deposits in Hong Kong expanded markedly by 25.8% to RMB130.4 billion at the end of August, reflecting the expanding scope of renminbi banking business in Hong Kong.
Total loans and advances climbed by 2.5% in August. Loans for use in Hong Kong expanded by 2.2% and loans for use outside Hong Kong grew by 3.4%. As Hong Kong-dollar loans rose at a faster rate than deposits, the Hong Kong-dollar loan-to-deposit ratio increased to 78.5% at the end of August from 77.3% at the end of July.
Seasonally adjusted Hong Kong-dollar M1 rose by 3.6% in August and expanded by 12.6% year on year. Unadjusted Hong Kong-dollar M3 increased by 0.4% during the month and climbed by 5.2% from a year earlier.
Ends/Thursday, September 30, 2010
Issued at HKT 19:05
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