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The following is issued on behalf of the Hong Kong Monetary Authority:
According to statistics published today (July 31) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased by 0.9% in June 2014. As the expansion in demand and savings deposits exceeded the contraction in time deposits, Hong Kong-dollar deposits rose by 1.8% during the month. Overall foreign-currency deposits edged up by 0.1% in June, while renminbi deposits in Hong Kong declined by 3.1% to RMB925.9 billion at the end of June. The total remittance of renminbi for cross-border trade settlement amounted to RMB531.8 billion in June, compared with RMB444.0 billion in May.
Total loans and advances grew by 1.6% in June, within which loans for use in Hong Kong (including trade finance) picked up by 2.0% and loans for use outside Hong Kong increased by 0.6%. As Hong Kong-dollar loans and deposits increased at roughly the same rate, the Hong Kong-dollar loan-to-deposit ratio remained virtually unchanged at 82.5% at the end of June.
In the second quarter of 2014, loans for use in Hong Kong (including trade finance) went up by 4.5% after expanding by 6.5% in the previous quarter. Analysed by economic use, the quarterly expansion in loans was led by loans to stockbrokers, information technology, and wholesale and retail trade.
Seasonally adjusted Hong Kong-dollar M1 rose by 4.1% in June and grew by 9.6% year on year. Seasonally unadjusted Hong Kong-dollar M3 increased by 1.8% and expanded by 13.1% from a year earlier.
Ends/Thursday, July 31, 2014
Issued at HKT 17:00
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