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The following is issued on behalf of the Hong Kong Monetary Authority:
According to statistics published today (April 30) by the Hong Kong Monetary Authority, total deposits with authorized institutions dropped by 1.0% in March. With demand, savings and time deposits decreasing, Hong Kong-dollar deposits declined by 0.8% during the month. Overall foreign-currency deposits decreased by 1.2% in March, while renminbi deposits in Hong Kong rose by 2.5% to RMB668.1 billion. The total remittance of the renminbi for cross-border trade settlement amounted to RMB340.8 billion in March, compared with RMB221.7 billion in the previous month.
Total loans and advances increased by 1.2% in March. Loans for use in Hong Kong including trade finance went up by 1.2%, while loans for use outside Hong Kong increased by 1.4%. As Hong Kong-dollar loans increased while Hong Kong-dollar deposits declined, the Hong Kong-dollar loan-to-deposit ratio edged up to 80.6% at the end of March from 79.7% a month ago.
In the first quarter of 2013, loans for use in Hong Kong including trade finance expanded by 3.1%, following a rise of 2.4% in the previous quarter. Analysed by economic use, the quarterly expansion in loans was led by trade finance. Lending to financial concerns and residential mortgage loans continued to expand, while loans for building, construction, property development and investment decreased.
Seasonally adjusted Hong Kong-dollar M1 increased by 0.3% in March and expanded by 17.7% year on year. Unadjusted Hong Kong-dollar M3 declined by 0.7% during the month but grew by 9.2% from a year earlier.
Ends/Tuesday, April 30, 2013
Issued at HKT 16:31
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