The deposits of Renminbi, or Chinese yuan, in Hong Kong grew one percent to 25.5 billion yuan ( 3.35 billion U.S. dollars) in April, the Monetary Authority of Hong Kong said Thursday.

In April, foreign-currency deposits also rose 1.4 percent, and however, total deposits with authorized institutions fell 0.7 percent, with Hong Kong dollar deposits down 2.4 percent, said the authority.

Total loans and advances fell 3.2 percent, as the fall in Hong Kong dollar loans exceeded the rise in foreign-currency loans. Loans for use in Hong Kong shrank 4.1 percent, while loans for use outside Hong Kong grew 2.3 percent. Reflecting a larger contraction in loans relative to deposits, the Hong Kong dollar loan-to-deposit ratio fell to 73.9 percent.

On a seasonally-adjusted basis, Hong Kong dollar M1 fell 2.2 percent in April but grew 9.4 percent on a year earlier. Unadjusted Hong Kong dollar M2 and M3 both fell 2.3 percent during the month. On a year-on-year basis, Hong Kong dollar M2 and M3 rose 14.9 percent and 14.8 percent, said the authority.

Source: Xinhua