Hong Kong's total deposits with authorized institutions fell 0.7 percent in March, as Hong Kong dollar deposits dropped 1.2 percent and foreign currency deposits dipped 0.1 percent, the Monetary Authority said Monday.

However, Renminbi deposits rose to 25.2 billion yuan (3.23 billion U.S. dollars) in the month, it said.

Hong Kong dollar M1 rose 3.2 percent, and 14.2 percent on a year-on-year basis. Unadjusted Hong Kong dollar M2 and M3 both fell 1.4 percent during the month, and on a year-on-year basis, Hong Kong dollar M2 grew 20.2 percent and M3 was up 20.1 percent.

Total loans and advances fell 0.7 percent. Loans for use in Hong Kong fell 1.1 percent, while loans for use outside Hong Kong grew 2.2 percent.

On a quarter-on-quarter basis, loans for use in Hong Kong rose 7.6 percent. Analyzed by economic uses, lending to stockbrokers and financial concerns registered notable increases in the first quarter.

The Hong Kong dollar loan-to-deposit ratio remained steady at 75.7 percent.

Source: Xinhua