HK's total deposits up 5.6 pct in May

Hong Kong's total deposits with authorized institutions grew 5.6 percent in May, with an 11.5 percent rise in Hong Kong dollar deposits, Hong Kong Monetary Authority said Friday.

Within foreign currency deposits, renminbi deposits rose 0.7 percent to 22.9 billion yuan (about 2.87 billion U.S. dollars) in May.

Total loans and advances expanded by 8.1 percent in May, with loans for use in and outside Hong Kong rising by 9.1 percent and 0. 5 percent.

Hong Kong dollar and foreign currency loans both registered a rise. As Hong Kong dollar deposits grew proportionally more than Hong Kong dollar loans, the loan-to-deposit ratio fell further to 78.3 percent in May.

On a seasonally adjusted basis, the Hong Kong dollar M1 fell 0. 6 percent in May and 3.4 percent from a year earlier. Unadjusted Hong Kong dollar M2 and M3 expanded by 10.6 percent and 10.5 percent during the month, and by 27.0 percent year-on-year.

Source: Xinhua