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- Hong Kong total deposits down 2% in July
Date: 3-Sep-2007 Sources: (Xinhua Online)
HONG KONG, Aug. 31 (Xinhua) -- Total deposits with authorized institutions in Hong Kong went down two percent in July, with HK dollar deposits declining 5.9 percent and foreign currency deposits rising 2.8 percent, the Monetary Authority said in a report Friday.
Hong Kong dollar demand and time deposits shrank, but savings deposits expanded, with renminbi deposits going up 0.9 percent to 27.9 billion RMB (3.67 billion U.S. dollars) at the end of July, accounting for around 1.2 percent of total foreign currency deposits, said the report.
Total loans and advances contracted by 4.8 percent as the decrease in HK dollar loans exceeded the increase in foreign currency loans. Loans for use in Hong Kong declined by 6.0 percent whereas those for use outside Hong Kong grew by 2.2 percent.
Decrease in HK dollar loans was faster than deposits, leading the HK dollar loan-to-deposit ratio down to 72.9 percent at the end of July.
On a seasonally adjusted basis, HK dollar M1 declined by 3.1 percent in the month but increased by 12.1 percent on a year-on-year basis.
Unadjusted Hong Kong dollar M2 and M3 both decreased by 5.5 percent during the month, although they went up 20.2 percent and 20.1 percent respectively from a year earlier.
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