Total deposits jumped 1.5%

Hong Kong-dollar deposits up 0.3%.

In a report, the Monetary Authority announced that total deposits with authorised institutions increased 1.5% in July.

It said Hong Kong-dollar deposits grew 0.3% as the expansion in demand and savings deposits exceeded the contraction in time deposits.

Overall foreign-currency deposits grew 2.7%, while renminbi deposits in Hong Kong declined 0.4% to RMB695 billion at the end of July. The total remittance of the renminbi for cross-boundary trade settlement amounted to RMB285.4 billion.

Total loans and advances rose 1.4%. Loans for use in Hong Kong, including trade finance, increased 0.5%, while those for use outside Hong Kong rose 3.6%.

As Hong Kong-dollar loans increased at a slightly slower rate than deposits, the Hong Kong-dollar loan-to-deposit ratio edged down to 83.6% at the end of July.

Seasonally adjusted Hong Kong-dollar M1 edged down by 0.5% in July but expanded by 16.1% year-on-year. Unadjusted Hong Kong-dollar M3 picked up by 0.4% during the month but grew by 9% from a year earlier.