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The following is issued on behalf of the Hong Kong Monetary Authority:
According to statistics published today (March 31) by the Hong Kong Monetary Authority, total deposits with authorised institutions declined by 0.5% in February. With demand, savings and time deposits decreasing, Hong Kong-dollar deposits contracted by 1.6% during the month. In contrast, foreign-currency deposits increased by 0.8% in February. Renminbi deposits in Hong Kong grew by 10.0% to RMB407.7 billion at the end of February. The total remittance of the renminbi for cross-border trade settlement amounted to RMB87.4 billion in February, compared with RMB108.0 billion in January.
Total loans and advances increased by 1.4% in February. Loans for use in Hong Kong rose by 1.2% and loans for use outside Hong Kong expanded by 2.3%. As Hong Kong-dollar loans grew while deposits contracted, the Hong Kong-dollar loan-to-deposit ratio climbed from 79.3% at the end of January to 81.0% at the end of February.
Seasonally adjusted Hong Kong-dollar M1 contracted by 0.7% in February but expanded by 10.4% year on year. Unadjusted Hong Kong-dollar M3 declined by 1.7% during the month but increased by 7.7% from a year earlier.
Ends/Thursday, March 31, 2011
Issued at HKT 16:33
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