RMB deposits in Hong Kong up 1.6% to RMB534.7b in July

Overall foreign-currency deposits rose 0.2%.

Renminbi deposits in Hong Kong increased 1.6% to RMB534.7 billion in July while overall foreign-currency deposits rose 0.2%, the Monetary Authority said.

Total deposits with authorised institutions increased 1.0%, while Hong Kong-dollar deposits grew 1.8%.

The total remittance of renminbi for cross-border trade settlement was RMB329.6 billion, compared with RMB372.5 billion in June.

Total loans and advances rose 1.0% in July.

Loans for use in Hong Kong went up 1.4%, while loans for use outside Hong Kong decreased 0.1%.

As Hong Kong-dollar loans grew at a faster pace than Hong Kong-dollar deposits, the Hong Kong-dollar loan-to-deposit ratio increased to 77.2% at the end of July from 77.1% a month earlier.

Seasonally adjusted Hong Kong-dollar M1 increased 1.9% in July and expanded 13.6% year-on-year.

Unadjusted Hong Kong-dollar M3 edged up 1.8% in July and rose 15.8% year-on-year.