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Monetary Statistics for May 2011
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The following is issued on behalf of the Hong Kong Monetary Authority:

     According to statistics published today (June 30) by the Hong Kong Monetary Authority, total deposits with authorised institutions expanded by 0.6% in May.  Hong Kong-dollar deposits contracted slightly by 0.4% during the month while foreign-currency deposits rose by 1.7%. Renminbi deposits in Hong Kong grew by 7.5% to RMB548.8 billion at the end of May. The total remittance of the renminbi for cross-border trade settlement amounted to RMB153.4 billion in May, compared with RMB134.2 billion in April.

     Total loans and advances climbed by 2.9% or HK$132 billion in May, of which about HK$24 billion was margin lending for initial public offerings straddling end-May. Loans for use in Hong Kong rose by 2.6% and loans for use outside Hong Kong expanded by 3.9%. As Hong Kong-dollar loans grew while deposits shrank, the Hong Kong-dollar loan-to-deposit ratio increased to 82.4% at the end of May from 80.4% at the end of April.

     Seasonally adjusted Hong Kong-dollar M1 rose by 4.2% in May and increased by 12.5% year on year. Unadjusted Hong Kong-dollar M3 contracted slightly by 0.2% during the month but expanded by 11.4% from a year earlier.

Ends/Thursday, June 30, 2011
Issued at HKT 17:50

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