The total renminbi deposits with authorized institutions stood at 6.3 billion yuan (759 million US dollars) at the end of May, the Hong Kong Monetary Authority said Tuesday.

Of the total, savings deposits accounted for 43.6 percent while time deposits for 56.4 percent.

Renminbi deposit rates averaged 0.51 percent for savings deposits and 0.58 percent for three-month time deposits in May, according to a survey by the authority of major retail banks.

Renminbi deposit taking, currency exchange and remittances were launched in Hong Kong on Feb. 25.

A total of 37 licensed banks here are engaged in these forms of businesses at the end of May.