Total loans in Hong Kong down 1.7% in August
Total deposits rose by 0.6% during the month, however.
Loans and advances extended by banks in Hong Kong decreased by 1.7% in August compared to a year ago, according to the latest statistics released by the Hong Kong Monetary Authority.
Loans for use in Hong Kong, including trade finance, fell by 0.2% during the period. Loans for use outside the city also fell, by 0.5%.
Total deposits in authorized institutions, meanwhile, rose by 0.6% in August.
Hong Kong dollar deposits and foreign currency deposits rose by 0.4% and 0.8%, respectively.
Renminbi deposits in Hong Kong increased by 6% in August to RMB962.5b at the end of August, mainly reflecting fund flows of corporates, the HKMA said.
Year to date, total deposits and Hong Kong dollar deposits have grown by 2% and 1.9% respectively.
The total remittance of renminbi for cross-border trade settlement, meanwhile, amounted to RMB1.12t in August, higher than in July.