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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 1.0% in November. With demand, savings and time deposits all increasing, Hong Kong-dollar deposits rose by 0.8% during the month. Overall foreign-currency deposits grew by 1.3% in November, and renminbi deposits in Hong Kong climbed by 5.8% to RMB827.0 billion at the end of November. The total remittance of renminbi for cross-border trade settlement amounted to RMB439.4 billion in November, compared with RMB315.3 billion in October.
Total loans and advances grew by 0.9% in November. Loans for use in Hong Kong including trade finance rose by 0.6% and loans for use outside Hong Kong expanded by 1.5%. As Hong Kong-dollar loans increased at a slower rate than deposits, the Hong Kong-dollar loan-to-deposit ratio edged down to 81.4% at the end of November from 81.9% at the end of October.
Seasonally adjusted Hong Kong-dollar M1 grew by 1.6% in November and expanded by 12.7% year on year. Seasonally unadjusted Hong Kong-dollar M3 increased by 0.8% during the month and grew by 7.4% from a year earlier.
Ends/Tuesday, December 31, 2013
Issued at HKT 16:30
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