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The following is issued on behalf of the Hong Kong Monetary Authority:
According to statistics published today (November 28) by the Hong Kong Monetary Authority, total deposits with authorized institutions grew by 1.2% in October 2014. As the expansion in demand deposits exceeded the decrease in savings and time deposits, Hong Kong-dollar deposits increased by 0.6% during the month. Overall foreign-currency deposits rose by 1.7% in October, while renminbi deposits in Hong Kong edged down by 0.1% to RMB943.6 billion at the end of October. The total remittance of renminbi for cross-border trade settlement amounted to RMB532.3 billion in October, compared with RMB605.6 billion in September.
Total loans and advances rose by 1.0% in October, within which loans for use in Hong Kong (including trade finance) increased by 0.8% and loans for use outside Hong Kong grew by 1.5%. As Hong Kong-dollar loans expanded at a faster pace than deposits, the Hong Kong-dollar loan-to-deposit ratio climbed to 82.4% at the end of October from 81.8% at the end of September.
Seasonally adjusted Hong Kong-dollar M1 increased by 4.1% in October and expanded by 15.7% year on year. Seasonally unadjusted Hong Kong-dollar M3 grew by 0.5% in October and rose by 10.3% from a year earlier.
Ends/Friday, November 28, 2014
Issued at HKT 16:56
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