HK total deposits down 0.4% in April

Hong Kong's total deposits with authorized institutions decreased for the second consecutive month by 0.4 percent in April, the Hong Kong Monetary Authority (HKMA) said Monday.

According to statistics published by the HKMA, the total Hong Kong dollars deposits decrease by 1 percent in April, and at the same time, the total foreign currency deposits increase by 0.4 percent.

Total loans and advances grew by 0.1 percent in April. Loans for use in Hong Kong increased by 0.4 percent, while those for use outside Hong Kong fell by 2.1 percent, the statistics showed.

Analyzed by currency, Hong Kong dollar loans rose but foreign currency loans declined. As Hong Kong dollar loans expanded but Hong Kong dollar deposits decreased, the loan-to-deposit ratio rose to 84.6 percent in April.

On a seasonally adjusted basis, Hong Kong dollar M1 grew by 1.2percent in April and by 45.6 percent from a year ago. Unadjusted Hong Kong dollar M2 and M3 both declined by 0.9 percent during the month, but increased by 4.1 percent and 3.9 percent respectively on a year-on-year comparison, it said.

Source: Xinhua