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Hong Kong Deposits Up In August

by Mary Swire, for LawAndTax-News.com, Hong Kong

03 October 2006


The Hong Kong Monetary Authority (HKMA) announced last week that total deposits with authorised institutions rose 2.1% in August, with Hong Kong dollar deposits rising 2.7% and foreign currency deposits up 1.4%.

The Monetary Authority went on to add that renminbi deposits grew 0.1% to 22.7 billion yuan in the month. Total loans and advances grew 1.4% while loans for use in and outside Hong Kong grew 1.4% and 2.1%.

Hong Kong dollar loans and foreign currency loans rose 1.5% and 1.1%. As the increase in Hong Kong dollar deposits was larger than in loans, the loan-to-deposit ratio fell to 79.8%.

On a seasonally adjusted basis, Hong Kong dollar M1 rose 2.6% in August, and by 1.6% on the same month last year. Unadjusted Hong Kong dollar M2 rose 2.5% and M3 by 2.4% during the month, and increased by both 14.5% from a year ago.

Also on Friday, the HKMA revealed that it has granted a banking licence to Fimat International Banque SA, effective immediately. The move brings the number of licensed banks in Hong Kong to 137.

FIB, incorporated in France, is a wholly-owned subsidiary of Societe Generale.


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