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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 increased by 0.5% in August. As the expansion in savings and time deposits exceeded the contraction in demand deposits, Hong Kong-dollar deposits rose by 0.6% during the month. Overall foreign-currency deposits edged up by 0.4% in August, and renminbi deposits in Hong Kong picked up by 2.1% to RMB709.5 billion at the end of August. The total remittance of the renminbi for cross-border trade settlement amounted to RMB304.2 billion in August, compared with RMB285.4 billion in the previous month.
Total loans and advances went up by 1.3% in August. Loans for use in Hong Kong including trade finance grew by 1.4%, while loans for use outside Hong Kong increased by 1.2%. As Hong Kong-dollar loans increased at a slightly faster rate than deposits, the Hong Kong-dollar loan-to-deposit ratio edged up to 83.7% at the end of August from 83.6% a month ago.
Seasonally adjusted Hong Kong-dollar M1 was virtually unchanged in August but expanded by 14.6% year on year. Unadjusted Hong Kong-dollar M3 increased by 0.7% during the month but grew by 8.1% from a year earlier.
Ends/Monday, September 30, 2013
Issued at HKT 16:31
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