Hong Kong's RMB deposits up 4% to RMB860.5b

As foreign-currency deposits grew 2.2%.

According to a report, renminbi deposits in Hong Kong rose 4% to RMB860.5 billion in December while overall foreign-currency deposits grew 2.2%, the Monetary Authority says.

The authority said total deposits grew 1.2% for the month, while Hong Kong-dollar deposits edged up 0.2%. Total renminbi remittance for cross-border trade settlement amounted to RMB469.6 billion.

Total loans and advances were virtually unchanged. Loans for use in Hong Kong fell 0.5%, while loans for use outside Hong Kong grew 1%. The Hong Kong-dollar loan-to-deposit ratio rose to 82.1% at the end of December, up from 81.3% a month before.

Seasonally-adjusted Hong Kong-dollar M1 declined 1.1% from November, but expanded 9.3% year-on-year. Seasonally-unadjusted Hong Kong-dollar M3 edged up 0.2% during the month, and rose 5.7% from a year earlier.