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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 2.0% in July. With demand, savings and time deposits rising, Hong Kong-dollar deposits expanded by 2.1% during the month. Foreign-currency deposits also grew by 1.9% in July. Renminbi deposits in Hong Kong climbed by 3.4% to RMB572.2 billion at the end of July. The total remittance of the renminbi for cross-border trade settlement amounted to RMB148.97 billion in July, compared with RMB205.09 billion in June.
Total loans and advances rose by 1.5% in July. Loans for use in Hong Kong grew by 0.7% and loans for use outside Hong Kong expanded by 4.3%. As deposits increased at a faster pace than loans, the Hong Kong-dollar loan-to-deposit ratio declined to 83.7% at the end of July from 84.2% at the end of June.
Seasonally adjusted Hong Kong-dollar M1 expanded by 4.2% in July and grew by 15.4% year on year. Unadjusted Hong Kong-dollar M3 increased by 2.0% during the month and rose by 9.3% from a year earlier.
Ends/Wednesday, August 31, 2011
Issued at HKT 16:46
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