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Monetary statistics for March 2015

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 authorised institutions grew by 2.5% in March 2015. With demand, savings and time deposits increasing, Hong Kong-dollar deposits went up by 6.8% during the month. Overall foreign-currency deposits declined by 1.3% in March. Renminbi deposits in Hong Kong decreased by 2.2% to RMB952.0 billion at the end of March. The total remittance of renminbi for cross-border trade settlement amounted to RMB616.2 billion in March, compared with RMB462.0 billion in February.

     Total loans and advances grew by 3.6% in March. The loan growth in March 2015 was mainly driven by initial public offering (IPO) loans (around HK$200 billion) straddling the end of March. Excluding IPO loans, the loan growth in March would have been 0.8%. Among the total, loans for use in Hong Kong (including trade finance) rose by 4.7%, and loans for use outside Hong Kong increased by 1.0%. As Hong Kong-dollar loans increased at a faster pace than deposits, the Hong Kong-dollar loan-to-deposit ratio edged up to 83.1% at the end of March from 83.0% at the end of February.

     In the first quarter of 2015, loans for use in Hong Kong (including trade finance) grew by 5.5% after declining by 0.7% in the previous quarter. Analysed by economic use, the quarterly expansion in loans was mainly led by loans to stockbrokers, trade finance, and residential mortgage loans.

     Seasonally adjusted Hong Kong-dollar M1 declined by 0.9% in March and grew by 7.8% year on year. Seasonally unadjusted Hong Kong-dollar M3 rose by 6.0% during the month and expanded by 15.2% from a year earlier.

Ends/Thursday, April 30, 2015
Issued at HKT 16:34


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