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The following is issued on behalf of the Hong Kong Monetary Authority:
According to statistics published today (May 31) by the Hong Kong Monetary Authority, total deposits with authorised institutions rose by 1.5% in April. As the expansion in demand and savings deposits exceeded the contraction in time deposits, Hong Kong-dollar deposits increased by 0.7% during the month. Overall foreign-currency deposits grew by 2.2% in April, and renminbi deposits in Hong Kong rose by 1.4% to RMB677.2 billion. The total remittance of the renminbi for cross-border trade settlement amounted to RMB275.4 billion in April, compared with RMB340.8 billion in the previous month.
Total loans and advances increased by 1.1% in April. Loans for use in Hong Kong including trade finance went up by 1.4%, while loans for use outside Hong Kong increased by 0.4%. As Hong Kong-dollar loans expanded at a faster pace than deposits, the Hong Kong-dollar loan-to-deposit ratio rose to 81.1% at the end of April from 80.6% a month ago.
Seasonally adjusted Hong Kong-dollar M1 increased by 0.8% in April and expanded by 15.5% year on year. Unadjusted Hong Kong-dollar M3 rose by 0.7% during the month and grew by 9.4% from a year earlier.
Ends/Friday, May 31, 2013
Issued at HKT 16:30
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