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The following is issued on behalf of the Hong Kong Monetary Authority:
According to statistics published today (August 29) by the Hong Kong Monetary Authority, total deposits with authorized institutions grew by 2.5% in July 2014. With demand, savings and time deposits increasing, Hong Kong-dollar deposits went up by 2.4% during the month. Overall foreign-currency deposits picked up by 2.5% in July, and renminbi deposits in Hong Kong increased by 1.2% to RMB936.8 billion at the end of July. The total remittance of renminbi for cross-border trade settlement amounted to RMB507.6 billion in July, compared with RMB531.8 billion in June.
Total loans and advances increased by 1.0% in July, within which loans for use in Hong Kong (including trade finance) rose by 1.1% and loans for use outside Hong Kong expanded by 0.6%. As Hong Kong-dollar loans increased at a slower pace than deposits, the Hong Kong-dollar loan-to-deposit ratio declined to 80.9% at the end of July from 82.5% at the end of June.
Seasonally adjusted Hong Kong-dollar M1 picked up by 2.1% in July and expanded by 12.0% year on year. Seasonally unadjusted Hong Kong-dollar M3 grew by 2.1% and climbed by 15.0% from a year earlier.
Ends/Friday, August 29, 2014
Issued at HKT 17:11
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