RMB deposits down 12.9% to RMB546.7b

Deposits with authorised institutions dipped 0.3%.

Renminbi deposits in Hong Kong decreased 12.9% to RMB546.7 billion in December while overall foreign-currency deposits declined 0.7%, the Monetary Authority announced.

Total deposits with authorised institutions dropped 0.3%, with Hong Kong-dollar deposits staying unchanged.

The total remittance of renminbi for cross-border trade settlement was RMB287.6 billion, compared with RMB390.6 billion in November.

Total loans and advances grew 1.6% in December.

Loans for use in Hong Kong increased 0.4%, while loans for use outside Hong Kong rose 4.5%.

As Hong Kong-dollar loans increased at a faster pace than Hong Kong-dollar deposits, the Hong Kong-dollar loan-to-deposit ratio increased to 77.1% at the end of December from 76.2% a month earlier.

Seasonally adjusted Hong Kong-dollar M1 grew 1.3% in December and expanded 14.2% year on year.

Unadjusted Hong Kong-dollar M3 edged up 0.2% in December and increased 8.9% year on year.