Foreign currency deposits push Hong Kong deposits to a 1.2% rise in July

Hong Kong dollar deposits dipped, whilst foreign deposits rose.

Total deposits in Hong Kong banks rose by 1.2% in July, according to data from the Hong Kong Monetary Authority.

Of this, Hong Kong dollar deposits dipped by 0.2%, whilst foreign currency deposits rose 2.7%.

Renminbi deposits in Hong Kong inched up by a marginal 0.1% to RMB907.9b by end-July.

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Total remittance of renminbi for cross-border trade settlement decreased to RMB1.02t, from RMB1.089t in June.

Total loans and advances decreased by 1.0% in July, and decreased by 1.5% in the year to end-July.  Among the total, loans for use in Hong Kong–including trade finance–and loans for use outside Hong Kong decreased by 1.1% and 0.6% respectively.