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HK Witnesses Moderate Rise in Deposits in August
Hong Kong registered a moderate increase in total deposits and loans of all authorized institutions in August, Statistics released Friday by the Hong Kong Monetary Authority showed.
Total deposits increased by 2.5 percent in August, with both Hong Kong dollar and foreign currency deposits registering increases, the statistics showed.
As foreign currency deposits rose faster than Hong Kong dollar deposits, the share of Hong Kong dollar deposits in total deposits declined from 54 percent in July to 53 percent in August.
Hong Kong dollar deposits rose slightly by 0.5 percent in August. The rise was mainly attributable to an increase in savings deposits, while demand and time deposits were virtually unchanged compared with the previous month.
Foreign currency deposits increased for the seventh consecutive month, rising by 4.8 percent in August. Of the total, U.S. dollar deposits registered a more notable rise of 6.6 percent, while non-U.S. dollar deposits rose more moderately by 2.1 percent.
Total loans and advances increased by 3.1 percent in August, following a decline of 1.3 percent in July.
Hong Kong dollar M1 declined slightly by 0.3 percent in August. This was mainly attributable to a decline in currency held by the public. Both Hong Kong dollar M2 and M3 increased by 0.5 percent.
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