Monetary Statistics for June 2018

According to statistics published today (Tuesday) by the Hong Kong Monetary Authority, total deposits with authorized institutions edged down by 0.2% in June 2018. Hong Kong-dollar deposits decreased by 0.2% during the month, as the decline in demand and savings deposits exceeded the increase in time deposits. Overall foreign-currency deposits edged down by 0.3% in June. Renminbi deposits in Hong Kong declined by 2.7% to RMB584.5 billion at the end of June. The total remittance of renminbi for cross-border trade settlement amounted to RMB345.7 billion in June, compared with RMB341.6 billion in May.

Total loans and advances rose by 0.9% in June. The loan growth in June 2018 was partly driven by initial public offering (IPO) loans (around HK$15.3 billion) at end-June. Loan growth in June would have been 0.7% if the IPO loans at end-June were excluded. Among the total, loans for use in Hong Kong (including trade finance) picked up by 1.3% from a month ago while loans for use outside Hong Kong edged down by 0.1%. The Hong Kong-dollar loan-to-deposit ratio went up to 85.4% at the end of June from 83.9% at the end of May, as Hong Kong-dollar loans expanded while Hong Kong-dollar deposits declined.

In the second quarter of 2018, loans for use in Hong Kong (including trade finance) grew by 1.7% following growth of 3.6% in the previous quarter. Analysed by economic use, the increase in loans during the second quarter was mainly driven by loans to financial concerns, loans to manufacturing and residential mortgage loans.

On a seasonally-adjusted basis, Hong Kong-dollar M1 declined by 2.7% in June but expanded by 8.6% year-on-year. Seasonally unadjusted Hong Kong-dollar M3 edged down by 0.2% during the month but rose by 6.3% from a year earlier.

Annex

 
Hong Kong Monetary Authority
31 July 2018