Total deposits with authorised institutions in Hong Kong rose 1.2% in January, as a 2.7% rise in Hong Kong dollar deposits more than offset a decline of 0.4% in foreign currency deposits, the Hong Kong Monetary Authority announced yesterday.
Renminbi deposits fell 0.2% to 22.5 billion yuan (US$2.8 billion) in January, according to the HKMA report.
Meanwhile, total loans and advances grew 0.3% in January, with loans for use in Hong Kong and outside Hong Kong rising 0.04% and 2.5% respectively.
Analysed by currency, Hong Kong dollar loans declined marginally while foreign currency loans expanded. As Hong Kong dollar deposits increased but Hong Kong dollar loans fell, the loan-to-deposit ratio dipped to 82.1% in January.
On a seasonally adjusted basis, Hong Kong dollar M1 rose 2% in January but fell 17.2% from a year earlier. Unadjusted Hong Kong dollar M2 and M3 both rose 3.2% during the month, and 9% and 9.1% on a year-on-year comparison.
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