, Singapore

Hong Kong Yuan deposits post biggest monthly drop in December

Savings in the said currency fell 12.9%.

According to Bloomberg, Yuan deposits in Hong Kong posted their biggest monthly drop on record as the currency’s steepest depreciation in more than two decades undercut its appeal for savers.

Savings in the Chinese currency fell 12.9 percent on month to 546.7 billion yuan ($79.4 billion) in December, the most since local banks started taking such funds in 2004, Hong Kong Monetary Authority data showed Friday. The onshore exchange rate weakened 6.5 percent last year as capital outflows picked up amid higher U.S. interest rates -- a trend that’s projected to continue in 2017.

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