RMB deposits in Hong Kong up 4.1% to RMB528b in April

Overall foreign-currency deposits increased 0.7%.

Renminbi deposits in Hong Kong increased 4.1% to RMB528 billion in April while overall foreign-currency deposits rose 0.7%, the Monetary Authority said.

Total deposits with authorized institutions increased 1%, while Hong Kong-dollar deposits grew 1.2%.

The total remittance of renminbi for cross-border trade settlement was RMB268.2 billion, compared with RMB312 billion in March.

Total loans and advances rose 1.5% in April.

Loans for use in Hong Kong went up 1.1%, while loans for use outside Hong Kong grew 2.4%.

As Hong Kong-dollar loans grew at a faster pace than Hong Kong-dollar deposits, the Hong Kong-dollar loan-to-deposit ratio increased to 75.9% at the end of April from 75.7% a month earlier.

Seasonally adjusted Hong Kong-dollar M1 decreased 0.7% in April and expanded 14.1% year on year.

Unadjusted Hong Kong-dollar M3 edged up 1.1% in April and rose 14.4% year on year.