August system deposit growth barely moves with 0.1% m/m increase

Following July's solid performance.

Numbers from the HKMA's August monetary statistics showed that system deposits for that month only increased by 0.1% m/m.

According to a research note from Barclays, this followed July's strong performance, when growth increased 2.5%.

The strong growth in other foreign currency deposits (+1.7% m/m) was offset by the contraction of both HK dollar deposits (-0.5% m/m) and US dollar deposits (-0.01% m/m).

Meanwhile, RMB deposits were largely flat at RMB 937bn (July: +1.2%), accounting for 12.0% of system deposits.