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Monetary Statistics for July 2016
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The following is issued on behalf of the Hong Kong Monetary Authority:

     According to statistics published today (August 31) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased by 1.8% in July. As the increase in demand and savings deposits exceeded the decrease in time deposits, Hong Kong-dollar deposits grew by 2.0% during the month. Overall foreign-currency deposits rose by 1.7% in July. Renminbi deposits in Hong Kong decreased by 6.2% to RMB667.1 billion at the end of July. The total remittance of renminbi for cross-border trade settlement amounted to RMB407.5 billion in July, compared with RMB459.2 billion in June.  

      Total loans and advances stayed virtually unchanged in July. Among the total, loans for use in Hong Kong (including trade finance) edged up by 0.2% from a month ago, while loans for use outside Hong Kong declined by 0.5%. As Hong Kong-dollar loans declined while Hong Kong-dollar deposits increased, the Hong Kong-dollar loan-to-deposit ratio went down to 76.4% at the end of July from 78.2% at the end of June.

      Seasonally adjusted Hong Kong-dollar M1 rose by 1.5% in July and expanded by 9.8% year on year. Seasonally unadjusted Hong Kong-dollar M3 increased by 1.8% during the month and grew by 4.7% from a year earlier.
 
Ends/Wednesday, August 31, 2016
Issued at HKT 16:30
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