September renminbi deposits up 14.5%

HK dollar loan-to-deposit ratio dropped by a percentage point at the end of September, as HK-dollar loans rose slower than deposits.

Total deposits with authorised institutions rose 3.6% in September with renminbi deposits up 14.5% to RMB149.3 billion, the Monetary Authority says.

Hong Kong-dollar deposits increased 7.5% while foreign-currency deposits dropped 0.7%.

Total loans and advances increased 4.7%. Loans for use in Hong Kong grew 5.7% and loans for use outside Hong Kong rose 1%. As Hong Kong-dollar loans rose at a slower rate than deposits, the Hong Kong-dollar loan-to-deposit ratio dropped from 78.5% at the end of August to 77.6% at the end of September.

Seasonally adjusted Hong Kong-dollar M1 rose 1.2% in September and grew 6.3% year on year. Unadjusted Hong Kong-dollar M3 rose 7.2% during the month and grew 8.7% from a year earlier.