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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 decreased by 0.5% in August. As the contraction in demand and savings deposits exceeded the expansion in time deposits, Hong Kong-dollar deposits declined by 2.0% during the month. In contrast, foreign-currency deposits climbed by 1.0% in August. Renminbi deposits in Hong Kong also grew by 6.4% to RMB609.0 billion at the end of month. The total remittance of the renminbi for cross-border trade settlement amounted to RMB185.82 billion in August, compared with RMB148.97 billion in July.
Total loans and advances rose by 1.7% in August. Loans for use in Hong Kong grew by 0.5% and loans for use outside Hong Kong expanded by 5.5%. Because loans increased while deposits declined, the Hong Kong-dollar loan-to-deposit ratio rose from 83.7% at the end of July to 85.9% at the end of August.
Seasonally adjusted Hong Kong-dollar M1 decreased by 2.3% in August but grew by 10.1% year on year. Unadjusted Hong Kong-dollar M3 declined by 1.8% during the month but rose by 6.9% from a year earlier.
Ends/Friday, September 30, 2011
Issued at HKT 16:41
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