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The following is issued on behalf of the Hong Kong Monetary Authority:
According to statistics published today (November 30) by the Hong Kong Monetary Authority, total deposits with authorized institutions rose by 4.6% in October 2010. With demand, savings and time deposits increasing, Hong Kong-dollar deposits increased by 6.3% during the month, partly reflecting buoyant fund raising activity in the equity market. Foreign-currency deposits also expanded by 2.6% in October. Accounting for around 8.1% of foreign-currency deposits, renminbi deposits in Hong Kong surged by 45.4% to RMB217.1 billion at the end of October, mainly attributed to an increase in renminbi receipts by corporate customers through trade settlement transactions. The total remittance of renminbi for cross-border trade settlement has increased from RMB 30.0 billion in September to RMB 68.6 billion in October.
Total loans and advances climbed by 1.8% in October. Loans for use in Hong Kong expanded by 1.8% and loans for use outside Hong Kong grew by 2.0%. As Hong Kong-dollar loans rose at a slower rate than deposits, the Hong Kong-dollar loan-to-deposit ratio declined to 73.6% at the end of October from 77.6% at the end of September.
Seasonally adjusted Hong Kong-dollar M1 rose by 1.4% in October and expanded by 12.7% year on year. Unadjusted Hong Kong-dollar M3 increased by 5.9% during the month and climbed by 14.7% from a year earlier.
Ends/Tuesday, November 30, 2010
Issued at HKT 18:25
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