The following is issued on behalf of the Hong Kong Monetary Authority:

     According to statistics published today (May 31) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased by 1.0% in April 2017.  With increase in savings, demand and time deposits, Hong Kong-dollar deposits expanded by 1.2% during the month. Meanwhile, overall foreign-currency deposits increased by 0.7% in April. Renminbi deposits in Hong Kong picked up by 4.1% to RMB528.0 billion at the end of April. The total remittance of renminbi for cross-border trade settlement amounted to RMB268.2 billion in April, compared with RMB312.0 billion in March.

     Total loans and advances rose by 1.5% in April. Among the total, loans for use in Hong Kong (including trade finance) went up by 1.1% from a month ago, and loans for use outside Hong Kong expanded by 2.4%. As Hong Kong-dollar loans grew at a faster pace than Hong Kong-dollar deposits, the Hong Kong-dollar loan-to-deposit ratio increased to 75.9% at the end of April from 75.7% at the end of March.

     Seasonally adjusted Hong Kong-dollar M1 decreased by 0.7% in April but expanded by 14.1% year on year. Seasonally unadjusted Hong Kong-dollar M3 increased by 1.1% during the month and rose by 14.4% from a year earlier.

Ends/Wednesday, May 31, 2017
Issued at HKT 17:45

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