Total deposits up a measly 0.8% in October

HK-dollar deposits slipped 0.2%.

In a report, the Monetary Authority announced that total deposits with authorised institutions increased by 0.8% in October.

As the contraction in time deposits exceeded the expansion in demand and savings deposits, Hong Kong-dollar deposits edged down by 0.2% during the month.

Overall foreign-currency deposits rose 1.6%, and renminbi deposits in Hong Kong expanded by 7.1% to RMB781.6 billion.

The total remittance of the renminbi for cross-border trade settlement amounted to RMB315.3 billion, compared with RMB331.7 billion in September.

Total loans and advances edged up by 0.1%. Loans for use in Hong Kong, including trade finance, dropped 0.3%, while loans for use outside Hong Kong grew 1.2%.

As Hong Kong-dollar loans decreased at a faster rate than deposits, the Hong Kong-dollar loan-to-deposit ratio went down to 81.9% at the end of October from 82.6% at the end of September.

Seasonally adjusted Hong Kong-dollar M1 increased 0.4% in October and expanded 13.5% year on year. Seasonally unadjusted Hong Kong-dollar M3 was virtually unchanged during the month and rose 8.0% year-on-year.