********************************
The following is issued on behalf of the Hong Kong Monetary Authority:
According to statistics published today (June 30) by the Hong Kong Monetary Authority, total deposits with authorised institutions decreased by 0.6% in May. As the increase in demand and savings deposits exceeded the decrease in time deposits, Hong Kong-dollar deposits picked up by 0.3% during the month. Overall foreign-currency deposits declined by 1.5% in May. Renminbi deposits in Hong Kong increased by 1.3% to RMB732.2 billion at the end of May. The total remittance of renminbi for cross-border trade settlement amounted to RMB417.3 billion in May, compared with RMB358.1 billion in April.
Total loans and advances increased by 1.1% in May. Among the total, loans for use in Hong Kong (including trade finance) grew by 1.4% while loans for use outside Hong Kong also increased by 0.5% from a month ago. As Hong Kong-dollar loans increased at a faster pace than Hong Kong-dollar deposits, the Hong Kong-dollar loan-to-deposit ratio went up to 78.5% at the end of May from 77.6% at the end of April.
Seasonally adjusted Hong Kong-dollar M1 increased by 1.6% in May and rose by 6.6% year on year. Seasonally unadjusted Hong Kong-dollar M3 grew by 0.3% during the month and increased by 1.4% from a year earlier.
Ends/Thursday, June 30, 2016
Issued at HKT 16:37
NNNN