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June Total Deposits Fall 0.5% In HK

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

31 July 2008

Total deposits with authorised institutions in Hong Kong fell 0.5% in June, with Hong Kong dollar deposits dropping 2.1%, the territory's Monetary Authority has reported.

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.

Total loans and advances rose 2.1% as loans for use in Hong Kong grew 1.6% and loans for use outside Hong Kong rose 4.5%. The Hong Kong dollar loan-to-deposit ratio rose to 81.9%.

In the second quarter loans for use in Hong Kong grew 4.7%. Lending to wholesale and retail trade recorded the highest growth rate of 15.6% while loans to stockbrokers declined for the third consecutive quarter.

Seasonally adjusted Hong Kong dollar M1 grew 2.6% in June and rose 14% over a year earlier.

Unadjusted Hong Kong dollar M3 fell 2% during the month and dropped 3.8% from a year earlier.

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