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The following is issued on behalf of the Hong Kong Monetary Authority:
According to statistics published today (December 30) by the Hong Kong Monetary Authority, total deposits with authorised institutions increased by 0.8% in November. As the expansion in time deposits exceeded the contraction in demand and savings deposits, Hong Kong-dollar deposits rose by 0.4% during the month. Foreign-currency deposits also climbed by 1.3% in November. Renminbi deposits in Hong Kong expanded by 1.4% to RMB627.3 billion at the end of November. The total remittance of the renminbi for cross-border trade settlement amounted to RMB184.99 billion in November, compared with RMB161.46 billion in October.
Total loans and advances grew by 1.2% in November. Loans for use in Hong Kong rose by 0.8% and loans for use outside Hong Kong expanded by 2.1%. As Hong Kong-dollar loans increased at a faster rate than deposits, the Hong Kong-dollar loan-to-deposit ratio climbed from 84.7% at the end of October to 85.5% at the end of November.
Seasonally adjusted Hong Kong-dollar M1 rose by 0.8% in November and increased by 3.2% year on year. Unadjusted Hong Kong-dollar M3 expanded by 0.5% during the month and grew by 3.5% from a year earlier.
Ends/Friday, December 30, 2011
Issued at HKT 16:49
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