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The following is issued on behalf of the Hong Kong Monetary Authority:
According to statistics published today (July 31) by the Hong Kong Monetary Authority, total deposits with authorised institutions fell by 1.1% in June. As the contraction in demand and savings deposits exceeded the expansion in time deposits, Hong Kong-dollar deposits declined by 1.1% during the month. Overall foreign-currency deposits dropped by 1.2% in June, and renminbi deposits in Hong Kong edged down by 0.1% to RMB698.0 billion at the end of June. The total remittance of the renminbi for cross-border trade settlement amounted to RMB270.8 billion in June, compared with RMB318.1 billion in the previous month.
Total loans and advances picked up by 3.3% in June. Loans for use in Hong Kong including trade finance grew by 3.1% and loans for use outside Hong Kong expanded by 3.9%. As Hong Kong-dollar loans expanded while deposits contracted, the Hong Kong-dollar loan-to-deposit ratio rose to 83.7% at the end of June from 81.6% a month ago.
In the second quarter of 2013, loans for use in Hong Kong including trade finance rose by 7.1%, after increasing by 2.9% in the previous quarter. Analysed by economic use, the quarterly expansion in loans was led by trade finance, loans for building, construction, property development and investment, and loans to wholesale and retail trade.
Seasonally adjusted Hong Kong-dollar M1 increased by 1.0% in June and expanded by 18.2% year on year. Unadjusted Hong Kong-dollar M3 declined by 1.0% during the month but grew by 9.7% from a year earlier.
Ends/Wednesday, July 31, 2013
Issued at HKT 17:35
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