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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 increased by 1.4% in June. As the expansion in time deposits exceeded the contraction in demand and savings deposits, Hong Kong-dollar deposits edged up by 0.3% during the month. Overall foreign-currency deposits rose by 2.4% in June, and renminbi deposits in Hong Kong increased by 0.7% to RMB557.7 billion. The total remittance of the renminbi for cross-border trade settlement amounted to RMB241.4 billion in June, compared with RMB223.4 billion in the previous month.
Total loans and advances increased by 1.1% in June. Loans for use in Hong Kong increased by 0.8% while loans for use outside Hong Kong grew by 2.0%. As Hong Kong-dollar loans expanded faster than deposits, the Hong Kong-dollar loan-to-deposit ratio rose to 84.0% at the end of June from 83.5% a month ago.
In the second quarter of 2012, loans for use in Hong Kong rose by 1.5%, broadly the same pace as in the previous quarter. Analysed by economic use, trade finance, residential mortgage loans and the wholesale and retail sector continued to expand, while lending to financial concerns and loans for building, construction, property development and investment decreased.
Seasonally adjusted Hong Kong-dollar M1 rose by 1.7% in June and expanded by 7.2% year on year. Unadjusted Hong Kong-dollar M3 edged up by 0.3% during the month and increased by 6.1% from a year earlier.
Ends/Tuesday, July 31, 2012
Issued at HKT 16:30
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