Hong Kong (HKSAR) – The following is issued on behalf of the Hong Kong Monetary Authority:
According to statistics published today (April 30) by the Hong Kong Monetary Authority, total deposits with authorised institutions fell by 0.9% in March. With demand, savings and time deposits decreasing, Hong Kong-dollar deposits fell by 1.6% during the month. Overall foreign-currency deposits edged down by 0.1% in March, and renminbi deposits in Hong Kong declined by 2.1% to RMB554.3 billion at the end of the month.
The total remittance of the renminbi for cross-border trade settlement amounted to RMB227.3 billion in March, compared with RMB187.5 billion in the previous month.
Total loans and advances expanded by 0.9% in March. Loans for use in Hong Kong increased by 0.3% and loans for use outside Hong Kong rose by 2.2%.
As Hong Kong-dollar loans contracted at a slower pace than deposits, the Hong Kong-dollar loan-to-deposit ratio edged up to 82.5% at the end of March from 81.4% a month ago.
In the first quarter of 2012, loans for use in Hong Kong expanded by 1.5%, after a contraction of 0.5% in the previous quarter. Analysed by economic use, trade finance and loans to financial concerns and the wholesale and retail sectors rebounded, while loans for building, construction, property development and investment decreased.
Seasonally adjusted Hong Kong-dollar M1 grew by 0.9% in March and expanded by 7.8% year on year.
Unadjusted Hong Kong-dollar M3 declined by 1.4% during the month but rose by 7.3% from a year earlier.
Source: HKSAR Government
Published on: 2012-04-30