Renmibi deposits in Hong Kong jumped 1.4% to RMB677.2b

As total deposits inched 1.5% higher.

According to the Hong Kong Monetary Authority, total deposits with authorised institutions rose 1.5% in April with a 0.7% rise in Hong Kong-dollar deposits. Overall foreign-currency deposits grew 2.2% during the month, and renminbi deposits in Hong Kong rose 1.4% to RMB677.2 billion.

The total renminbi remittance for cross-border trade settlement amounted to RMB275.4 billion in April, compared with RMB340.8 billion in the previous month.

Total loans and advances increased 1.1% in April. Loans for use in Hong Kong including trade finance went up 1.4%, while loans for use outside Hong Kong increased 0.4%. As Hong Kong-dollar loans expanded at a faster pace than deposits, the Hong Kong-dollar loan-to-deposit ratio rose to 81.1% at the end of April from 80.6% a month ago.

Seasonally adjusted Hong Kong-dollar M1 increased 0.8% in April and expanded 15.5% year on year. Unadjusted Hong Kong-dollar M3 rose 0.7% during the month and grew 9.4% from a year earlier.