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The following is issued on behalf of the Hong Kong Monetary Authority:
According to statistics published today (April 29) by the Hong Kong Monetary Authority, total deposits with authorised institutions increased by 2.1% in March. As the rise in savings and time deposits exceeded the decline in demand deposits, Hong Kong-dollar deposits expanded by 1.1% during the month. Foreign-currency deposits also grew by 3.2% in March. Renminbi deposits in Hong Kong climbed by 10.7% to RMB451.4 billion at the end of March. The total remittance of the renminbi for cross-border trade settlement amounted to RMB115.4 billion in March, compared with RMB87.4 billion in February.
Total loans and advances rose by 2.8% in March. Loans for use in Hong Kong expanded by 2.4% and loans for use outside Hong Kong grew by 4.4%. As Hong Kong-dollar loans increased at a faster rate than deposits, the Hong Kong-dollar loan-to-deposit ratio climbed to 81.7% at the end of March from 81.0% at the end of February.
In the first quarter of 2011, loans for use in Hong Kong expanded by 7.3%, compared with a 1.2% increase in the previous quarter. Analysed by economic use, trade finance and loans to wholesale and retail trade continued to rise markedly.
Seasonally adjusted Hong Kong-dollar M1 declined by 2.7% in March but increased by 4.7% year on year. Unadjusted Hong Kong-dollar M3 rose by 1.0% during the month and grew by 7.2% from a year earlier.
Ends/Friday, April 29, 2011
Issued at HKT 16:36
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