, Hong Kong
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HKMA reports 2.2% rise in total bank deposits

Total remittance of RMB for cross-border trade settlement saw $176b.

The total deposits of the Hong Kong Monetary Authority’s (HKMA) authorised institutions rose by 2.2% in April 2024.

Within this total, Hong Kong dollar deposits increased by 0.5%, while foreign currency deposits grew by 3.7%.

Over the year ending in April, total deposits increased by 2.1%, with Hong Kong dollar deposits up by 0.7%.

Renminbi deposits in Hong Kong experienced a significant increase of $151.65b (RMB1,088.2b) by the end of the month. This increase primarily reflects corporate fund flows. 

Meanwhile, the total remittance of renminbi for cross-border trade settlement amounted to $175.98b (RMB1,257.0b) in April, slightly higher compared to $174.78b (RMB1,248.4b) in March.

Total loans and advances decreased by 1.0% in April and decreased by 2.0% in the year ending April.

Among the total, loans for use in Hong Kong (including trade finance) decreased by 0.6%, while loans for use outside Hong Kong decreased by 2.3% in April.

The Hong Kong dollar loan-to-deposit ratio decreased to 82.1% at the end of April from 83.2% at the end of March, primarily due to an increase in Hong Kong dollar deposits coupled with a decrease in Hong Kong dollar loans.

($1.00 = RMB7.24)

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