According to statistics published today (Thursday) by the Hong Kong Monetary Authority, total deposits with authorized institutions decreased by 0.8% in February 2018. As the increases in savings and time deposits offset the decline in demand deposits, Hong Kong-dollar deposits stayed virtually unchanged during the month. Overall foreign-currency deposits dropped by 1.7% in February. Renminbi deposits in Hong Kong increased by 0.7% to RMB550.4 billion at the end of February. The total remittance of renminbi for cross-border trade settlement amounted to RMB301.6 billion in February, compared with RMB373.4 billion in January.
Total loans and advances grew by 0.3% in February. Among the total, loans for use in Hong Kong (including trade finance) increased by 0.3% from a month ago and loans for use outside Hong Kong picked up by 0.4%. As Hong Kong-dollar loans increased while Hong Kong-dollar deposits stayed virtually unchanged, the Hong Kong-dollar loan-to-deposit ratio went up to 81.4% at the end of February from 81.1% at the end of January.
Seasonally adjusted Hong Kong-dollar M1 edged down by 0.2% in February but expanded by 15.4% year on year. Seasonally unadjusted Hong Kong-dollar M3 increased by 0.2% during the month and rose by 12.2% from a year earlier.
Hong Kong Monetary Authority
29 March 2018