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The following is issued on behalf of the Hong Kong Monetary Authority:
According to statistics published today (December 31) by the Hong Kong Monetary Authority, total deposits with authorised institutions increased by 0.8% in November. Hong Kong-dollar deposits expanded by 1.2% during the month, reflecting increases in demand, savings, and time deposits. Overall foreign-currency deposits grew by 0.4% in November, and renminbi deposits in Hong Kong increased by 2.9% to RMB571.0 billion. The total remittance of the renminbi for cross-border trade settlement amounted to RMB243.0 billion in November, compared with RMB195.4 billion in the previous month.
Total loans and advances rose by 0.9% in November. Loans for use in Hong Kong expanded by 1.2% and loans for use outside Hong Kong grew by 0.3%. As Hong Kong-dollar loans increased at a faster rate than deposits, the Hong Kong-dollar loan-to-deposit ratio edged up to 80.7% at the end of November from 80.4% a month ago.
Seasonally adjusted Hong Kong-dollar M1 increased by 2.9% in November and expanded by 15.4% year on year. Unadjusted Hong Kong-dollar M3 rose by 1.3% during the month and picked up by 10.9% from a year earlier.
Ends/Monday, December 31, 2012
Issued at HKT 16:32
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