March renminbi deposits in Hong Kong up 13%

Deposits in the currency climbed to 510.7bn renminbi while the Hong Kong-dollar loan-to-deposit ratio declined to 80.4% from 81.7%.

Renminbi deposits in Hong Kong climbed 13.1% to RMB510.7 billion. The total renminbi remittance for cross-border trade settlement amounted to RMB134.2 billion, compared to RMB115.4 billion in March, the Monetary Authority said on Tuesday. 

Total deposits with authorised institutions rose 2.5% in April. Hong Kong-dollar deposits expanded 2.3 % and foreign-currency deposits grew 2.8%.

Total loans and advances rose 1.8%. Loans for use in Hong Kong expanded 1.1% and loans for use outside grew 4.5%.

As Hong Kong-dollar loans increased at a slower rate than deposits, the Hong Kong-dollar loan-to-deposit ratio declined to 80.4% from 81.7% in March.

Seasonally adjusted Hong Kong-dollar M1 expanded 3.2% in April and increased 8% year-on-year. Unadjusted Hong Kong-dollar M3 rose 2.3% during the month and grew 6% from a year earlier.