Hong Kong's yuan deposits rise 4.7% to 84.7 bln by end of May

19:41, June 30, 2010      

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Hong Kong's deposits of the Chinese mainland's currency yuan rose 4.7 percent month-on-month to reach 84.7 billion yuan (12.5 billion U.S. dollars) at the end of May, the city's Monetary Authority said Wednesday.

The yuan deposits accounted for around 3.3 percent of Hong Kong 's total foreign-currency deposits, according to the Monetary Authority.

Hong Kong's total deposits with authorized institutions decreased by 3.9 percent in May, it said.

HK-dollar deposits contracted markedly by 5.4 percent last month, partly reflecting a high base of comparison due to initial public offering activity in the previous month, said the Monetary Authority.

Foreign-currency deposits also shrank by 2.2 percent in May.

Total loans and advances declined by 0.9 percent in May. Loans for use in Hong Kong decreased by 1.3 percent but loans for use outside Hong Kong expanded by 0.5 percent. As Hong Kong-dollar loans contracted at a slower rate than deposits, the Hong Kong- dollar loan-to-deposit ratio increased from 74.2 percent at the end of April to 76.4 percent at the end of May.

Seasonally adjusted Hong Kong-dollar M1 (narrow measure of money supply) shrank by 6.6 percent in May but rose by 23.0 percent year on year. Unadjusted Hong Kong-dollar M3 contracted by 5.1 percent during the month but expanded by 4.4 percent from a year earlier, it said.



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