Monetary Statistics for May 2014

According to statistics published today (Monday) by the Hong Kong Monetary Authority, total deposits with authorized institutions went up by 1.4% in May 2014. As the expansion in savings and time deposits exceeded the contraction in demand deposits, Hong Kong-dollar deposits grew by 1.7% during the month. Overall foreign-currency deposits rose by 1.1% in May, while renminbi deposits in Hong Kong declined by 0.4% to RMB955.8 billion at the end of May. The total remittance of renminbi for cross-border trade settlement amounted to RMB444.0 billion in May, compared with RMB461.5 billion in April.

Total loans and advances rose by 1.6% in May, within which loans for use in Hong Kong (including trade finance) picked up by 2.2% and loans for use outside Hong Kong edged up by 0.4%. As Hong Kong-dollar loans expanded at a slower rate than deposits, the Hong Kong-dollar loan-to-deposit ratio decreased to 82.5% at the end of May from 82.7% at the end of April. 

Seasonally adjusted Hong Kong-dollar M1 fell by 0.9% in May but rose by 6.1% year on year. Seasonally unadjusted Hong Kong-dollar M3 grew by 1.6% and expanded by 10.0% from a year earlier. 

Annex

Hong Kong Monetary Authority
30 June 2014