RMB deposits up 2.2% to 622.2b

Total remittance of the renminbi for cross-border trade settlement amounted to 190.6 billion yuan.

According to a release by the Monetary Authority, renminbi deposits grew 2.2% to 622.2 billion yuan at the end of September.

Total remittance of the renminbi for cross-border trade settlement amounted to 190.6 billion yuan, compared with 185.8 billion yuan in August.

Total deposits with authorised institutions decreased by 0.2%. As the contraction in savings deposits exceeded the expansion in demand and time deposits, Hong Kong-dollar deposits declined by 0.3%. Foreign-currency deposits also shrank by 0.1%.

Total loans and advances rose 0.9%. Loans for use in Hong Kong climbed by 0.1% and loans for use outside Hong Kong grew by 3.2%.

As Hong Kong-dollar loans grew while deposits contracted, the Hong Kong-dollar loan-to-deposit ratio rose to 86.6%, from 85.9% in August.