RMB deposits in Hong Kong up 2.1% to RMB709.5b

Hong Kong-dollar deposits also rose 0.6%.

In a report, the Monetary Authority says renminbi deposits in Hong Kong picked up by 2.1% to RMB709.5 billion at the end of August.

The authority said today the total remittance of the renminbi for cross-border trade settlement amounted to RMB304.2 billion in August, compared with RMB285.4 billion in the previous month.

Total deposits with authorised institutions increased by 0.5% in August.

As the expansion in savings and time deposits exceeded the contraction in demand deposits, Hong Kong-dollar deposits rose by 0.6% during the month.