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Monetary Statistics for January 2017
The following is issued on behalf of the Hong Kong Monetary Authority:

     According to statistics published today (February 28) by the Hong Kong Monetary Authority, total deposits with authorised institutions grew by 1.4% in January 2017.  As the increase in savings and time deposits exceeded the decrease in demand deposits, Hong Kong-dollar deposits expanded by 2.0% during the month. Overall foreign-currency deposits increased by 0.8% in January. Renminbi deposits in Hong Kong decreased by 4.4% to RMB522.5 billion at the end of January. The total remittance of renminbi for cross-border trade settlement amounted to RMB271.0 billion in January, compared with RMB287.6 billion in December 2016.

     Total loans and advances grew by 1.9% in January. Among the total, loans for use in Hong Kong (including trade finance) increased by 1.5% from a month ago, and loans for use outside Hong Kong rose by 2.8%. As Hong Kong-dollar deposits grew at a faster pace than Hong Kong-dollar loans, the Hong Kong-dollar loan-to-deposit ratio decreased to 76.2% at the end of January from 77.1% at the end of December 2016.

     Seasonally adjusted Hong Kong-dollar M1 declined by 1.0% in January but expanded by 11.6% year on year. Seasonally unadjusted Hong Kong-dollar M3 increased by 2.3% during the month and rose by 11.8% from a year earlier.
Ends/Tuesday, February 28, 2017
Issued at HKT 16:30
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