Monetary Statistics for May 2013

According to statistics published today (Friday) by the Hong Kong Monetary Authority, total deposits with authorized institutions rose by 1.2% in May. As the expansion in demand and time deposits exceeded the contraction in savings deposits, Hong Kong-dollar deposits edged up by 0.4% during the month. Overall foreign-currency deposits grew by 2.0% in May, and renminbi deposits in Hong Kong rose by 3.1% to RMB698.5 billion. The total remittance of the renminbi for cross-border trade settlement amounted to RMB318.1 billion in May, compared with RMB275.4 billion in the previous month.

Total loans and advances expanded by 1.7% in May. Loans for use in Hong Kong including trade finance increased by 2.4%, while loans for use outside Hong Kong were virtually unchanged. As Hong Kong-dollar loans expanded at a faster pace than deposits, the Hong Kong-dollar loan-to-deposit ratio rose to 81.6% at the end of May from 81.1% a month ago.

Seasonally adjusted Hong Kong-dollar M1 picked up by 2.3% in May and expanded by 18.9% year on year. Unadjusted Hong Kong-dollar M3 rose by 0.4% during the month and grew by 11.2% from a year earlier.

Annex

Hong Kong Monetary Authority
28 June 2013