July Total Deposits Up 0.3% In HK

by Mary Swire, Tax-News.com, Hong Kong

04 September 2008

Total deposits with authorised institutions rose 0.3% in July, with Hong Kong dollar deposits dropping 0.4%, the SAR's Monetary Authority announced last week.

The HKMA further revealed that foreign-currency deposits rose 1.1%, and Renminbi deposits fell for the second consecutive month, by around 1%, to RMB77.1 billion.

Total loans and advances rose 1.6% as loans for use in Hong Kong grew 1.8%, and loans for use outside Hong Kong increased 0.9%. The Hong Kong dollar loan-to-deposit ratio rose to 83.2%.

On a seasonally adjusted basis, Hong Kong dollar M1 dropped 2.3% in July but grew 10.7% over a year earlier. Unadjusted Hong Kong dollar M3 fell 0.4% during the month but rose 1.4% year on year.

Back in June, total deposits with authorised institutions in Hong Kong fell 0.5%, with Hong Kong dollar deposits dropping 2.1%.

In the same month, foreign currency deposits rose 1.3%. Renminbi deposits dropped 0.1% to 77.6 billion yuan, accounting for around 3.1% of foreign currency deposits.

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