Statistics on Renminbi Deposits for May 2004

According to statistics published today (Tuesday) by the Hong Kong Monetary Authority (HKMA), total renminbi deposits with authorized institutions stood at RMB 6,298 million yuan at end-May. The amount represents deposits collected in Hong Kong following the launch of renminbi deposit taking, currency exchange and remittances on 25 February. A total of 37 licensed banks were engaged in these forms of businesses in Hong Kong at the end of May.

Of the total deposits at end-May, savings deposits and time deposits accounted for 43.6% (RMB 2,748 million yuan) and 56.4% (RMB 3,551 million yuan) respectively. Renminbi deposit rates averaged 0.51% for savings deposits and 0.58% for 3-month time deposits in May, according to a survey by the HKMA of major retail banks.

Statistics on renminbi deposits for February, March and April are in the Annex.

For further enquiries, please contact:

Jasmin Fung, Manager (Press), at 2878 8246 or
Kevin Ip, Manager (Press), at 2878 1687

Hong Kong Monetary Authority
20 July 2004

Annex

Statistics on Renminbi Deposits

(in RMB million yuan)