*********************************
The following is issued on behalf of the Hong Kong Monetary Authority:
According to statistics published today (July 29) by the Hong Kong Monetary Authority, total deposits with authorised institutions decreased by 0.9% in June. With demand, savings and time deposits declining, Hong Kong-dollar deposits shrank by 1.6% during the month. Foreign-currency deposits also contracted slightly by 0.2% in June. Renminbi deposits in Hong Kong grew by 0.9% to RMB553.6 billion at the end of June. The total remittance of the renminbi for cross-border trade settlement amounted to RMB205.1 billion in June, compared with RMB153.4 billion in May.
Total loans and advances increased by 1.7% in June. Loans for use in Hong Kong rose by 1.1% and loans for use outside Hong Kong expanded by 3.5%. As Hong Kong-dollar loans grew while deposits declined, the Hong Kong-dollar loan-to-deposit ratio increased from 82.4% at the end of May to 84.3% at the end of June.
In the second quarter of 2011, loans for use in Hong Kong expanded by 4.8%, compared with a 7.1% increase in the previous quarter. Analysed by economic use, trade finance and loans to wholesale and retail trade continued to rise markedly.
Seasonally adjusted Hong Kong-dollar M1 decreased by 3.0% in June but increased by 12.5% year on year. Unadjusted Hong Kong-dollar M3 declined by 1.3% during the month but expanded by 8.3% from a year earlier.
Ends/Friday, July 29, 2011
Issued at HKT 16:01
NNNN
