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

     According to statistics published today (April 28) by the Hong Kong Monetary Authority, total deposits with authorised institutions increased by 0.9% in March 2017. With increase in savings, demand and time deposits, Hong Kong-dollar deposits expanded by 2.0% during the month. However, overall foreign-currency deposits edged down by 0.2% in March. Renminbi deposits in Hong Kong decreased by 0.8% to RMB507.3 billion at the end of March. The total remittance of renminbi for cross-border trade settlement amounted to RMB312.0 billion in March, compared with RMB238.3 billion in February.
     Total loans and advances picked up by 1.7% in March. Among the total, loans for use in Hong Kong (including trade finance) rose by 1.9% from a month ago, and loans for use outside Hong Kong increased by 1.4%. As Hong Kong-dollar deposits grew at a faster pace than Hong Kong-dollar loans, the Hong Kong-dollar loan-to-deposit ratio declined to 75.7% at the end of March from 75.9% at the end of February.
     In the first quarter of 2017, loans for use in Hong Kong (including trade finance) expanded by 4.0% after growing by 2.5% in the previous quarter. Analysed by economic use, the quarterly increase in loans was mainly led by loans to financial concerns and loans to building, construction, property development and investment.
     Seasonally adjusted Hong Kong-dollar M1 grew by 2.5% in March and expanded by 15.4% year on year. Seasonally unadjusted Hong Kong-dollar M3 increased by 1.9% during the month and rose by 13.7% from a year earlier.
Ends/Friday, April 28, 2017
Issued at HKT 18:05
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