Monetary Statistics for August 2011

According to statistics published today (Friday) by the Hong Kong Monetary Authority, total deposits with authorized institutions decreased by 0.5% in August. As the contraction in demand and savings deposits exceeded the expansion in time deposits, Hong Kong-dollar deposits declined by 2.0% during the month. In contrast, foreign-currency deposits climbed by 1.0% in August. Renminbi deposits in Hong Kong also grew by 6.4% to RMB609.0 billion at the end of month. The total remittance of the renminbi for cross-border trade settlement amounted to RMB185.82 billion in August, compared with RMB148.97 billion in July.

Total loans and advances rose by 1.7% in August. Loans for use in Hong Kong grew by 0.5% and loans for use outside Hong Kong expanded by 5.5%. Because loans increased while deposits declined, the Hong Kong-dollar loan-to-deposit ratio rose from 83.7% at the end of July to 85.9% at the end of August.

Seasonally adjusted Hong Kong-dollar M1 decreased by 2.3% in August but grew by 10.1% year on year. Unadjusted Hong Kong-dollar M3 declined by 1.8% during the month but rose by 6.9% from a year earlier.

Annex

Hong Kong Monetary Authority
30 September 2011