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Monetary statistics for December 2011

The following is issued on behalf of the Hong Kong Monetary Authority:

     According to statistics published today (January 31) by the Hong Kong Monetary Authority, total deposits with authorised institutions rose by 0.8% in December. As the expansion in demand and time deposits exceeded the contraction in savings deposits, Hong Kong-dollar deposits increased by 0.8% during the month. While overall foreign-currency deposits grew by 0.9% in December, renminbi deposits in Hong Kong declined by 6.2% to RMB588.5 billion at the end of the month. The total remittance of the renminbi for cross-border trade settlement amounted to RMB239.04 billion in December, compared with RMB184.99 billion in November.

     Total loans and advances decreased by 0.7% in December. Loans for use in Hong Kong contracted by 1.5% but loans for use outside Hong Kong expanded by 1.5%. As Hong Kong-dollar loans declined while deposits rose, the Hong Kong-dollar loan-to-deposit ratio decreased to 84.5% at the end of December from 85.5% at the end of November.
     In the final quarter of 2011, loans for use in Hong Kong declined slightly by 0.4%, following a 2.4% increase in the previous quarter. Analysed by economic use, the quarterly contraction in loans was led by trade finance, loans to wholesale and retail trade and lending to financial concerns.

     Seasonally adjusted Hong Kong-dollar M1 rose by 2.9% in December and increased by 8.8% year on year. Unadjusted Hong Kong-dollar M3 expanded by 0.8% during the month and grew by 4.6% from a year earlier.

Ends/Tuesday, January 31, 2012
Issued at HKT 16:38


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