Yuan deposits in Hong Kong up 3.4% in July

Said deposits rose to RMB572.2b.

Meanwhile total deposits with authorized institutions increased by 2% in July, according to the Hong Kong Monetary Authority.

HKMA said, “With demand, savings and time deposits rising, Hong Kong-dollar deposits expanded by 2.1% during the month. Foreign-currency deposits also grew by 1.9% in July.”

The total remittance of the renminbi for cross-border trade settlement, however, dropped to RMB148.97 billion in July, compared with RMB205.09 billion in June.