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HK's Renminbi deposits up 33% in April

(Xinhua)
Updated: 2008-05-31 10:51

Total deposits with authorized institutions rose 0.3 percent in March in Hong Kong, with Hong Kong dollar deposits up 0.3 percent, Hong Kong Monetary Authority said Friday.

US dollar deposits fell 2.2 percent, while non-US dollar foreign-currency deposits rose 5.9 percent. Renminbi deposits rose 33 percent to 76.6 billion yuan ($11.05 billion), accounting for 3.1 percent of foreign-currency deposits.

Total loans and advances rose 1.6 percent as loans for use in Hong Kong grew 1.6 percent and loans for use outside Hong Kong rose 1.9 percent. The Hong Kong dollar loan-to-deposit ratio rose to 77.4 percent, the authority said.

On a seasonally adjusted basis, Hong Kong dollar M1 dropped 0.1 percent in April but rose 14.6 percent over a year earlier. Unadjusted Hong Kong dollar M3 grew 0.1 percent during the month and 10.5 percent year on year.