Hong Kong's total deposits with authorised institutions edged up by 0.1% in August, data from the Hong Kong Monetary Authority showed.
As the contraction in demand and time deposits exceeded the expansion in savings deposits, Hong Kong-dollar deposits went down by 0.5% during the month. Overall foreign-currency deposits picked up 0.7% in August, while renminbi deposits in Hong Kong were virtually unchanged at Rmb936.8 billion at the end of August. The total remittance of renminbi for cross-border trade settlement amounted to Rmb496.2 billion in August, compared with Rmb507.6 billion in July.
Seasonally adjusted Hong Kong-dollar M1 grew 1.5% in August and expanded 13.3% year on year. Seasonally unadjusted Hong Kong-dollar M3 dropped 0.4% during the month but climbed 13.9% from a year earlier.