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The following is issued on behalf of the Hong Kong Monetary Authority:
According to statistics published today (November 30) by the Hong Kong Monetary Authority, total deposits with authorised institutions increased by 1.9% in October. With demand, savings and time deposits rising, Hong Kong-dollar deposits expanded by 2.5% during the month. While overall foreign-currency deposits rose by 1.4%, renminbi deposits declined slightly by 0.6% to RMB618.5 billion at the end of October. The total remittance of the renminbi for cross-border trade settlement amounted to RMB161.5 billion in October, compared with RMB190.6 billion in September.
Total loans and advances expanded by 0.6% in October. Loans for use in Hong Kong climbed by 0.3% and loans for use outside Hong Kong grew by 1.3%. As Hong Kong-dollar loans increased at a slower rate than deposits, the Hong Kong-dollar loan-to-deposit ratio declined from 86.6% at the end of September to 84.7% at the end of October.
Seasonally adjusted Hong Kong-dollar M1 decreased by 3.1% in October and declined by 0.7% year on year. Unadjusted Hong Kong-dollar M3 rose by 2.3% during the month but shrank by 3.8% from a year earlier.
Ends/Wednesday, November 30, 2011
Issued at HKT 16:59
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