RMB Deposits Up 0.2%

Renminbi deposits in Hong Kong increased 0.2% to RMB637.8 billion in November while overall foreign-currency deposits increased 1%, the Monetary Authority announced today.

Total deposits with authorised institutions rose 0.4%, while Hong Kong-dollar deposits went down 0.1%.

The total remittance of renminbi for cross-border trade settlement was RMB444.5 billion, compared with RMB429.4 billion in October.

Total loans and advances rose 0.2% in November.

Loans for use in Hong Kong grew 0.1%, while loans for use outside Hong Kong went up 0.3%.

As Hong Kong-dollar deposits decreased at a slower pace than Hong Kong-dollar loans, Hong Kong-dollar loan-to-deposit ratio declined to 90% at the end of November from 90.7% a month earlier.

Seasonally adjusted Hong Kong-dollar M1 fell 0.6% in November and decreased 2.5% year-on-year.

Total M2 and M3 increased 0.6% in the month and expanded 4.4% and 4.3% respectively year-on-year.