The Hong Kong Monetary Authority said today Hong Kong's total deposits with authorised institutions edged down by 0.1% in June.
As the expansion in demand and time deposits exceeded the decrease in savings deposits, Hong Kong-dollar deposits nudged up 0.1% in June. Overall foreign-currency deposits dipped 0.3%. Renminbi deposits in Hong Kong grew 2.1% to Rmb992.9 billion at the end of June. The total remittance of renminbi for cross-border trade settlement amounted to Rmb592.9 billion in June, compared with Rmb492.5 billion in May.
Total loans and advances rose 2.7% in June, within which loans for use in Hong Kong (including trade finance) rose 2.8% and loans for use outside Hong Kong grew 2.6%. As Hong Kong-dollar loans increased at a faster rate than Hong Kong-dollar deposits, the Hong Kong-dollar loan-to-deposit ratio went up to 79.9% at the end of June from 77.9% at the end of May.
Seasonally adjusted Hong Kong-dollar M1 grew 2.7% in June and expanded 20% year on year. Seasonally unadjusted Hong Kong-dollar M3 edged up 0.1% during the month and rose 12.4% from a year earlier.
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