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Hong Kong's RMB deposits hit RMB 575.96 bln at end-Jan

Mar. 2, 2012 (China Knowledge) - The Hong Kong Monetary Authority, its de-facto central bank, has announced that RMB deposits at authorized financial institutions in the special administrative region decreased 2.1% from RMB 588.53 billion in December 2011 to RMB 575.96 billion in January 2012.

The RMB deposits for last November stood at RMB 627.3 billion.

In January, RMB receipts under the RMB cross-boarder trade settlement program totaled RMB 156.36 billion, much less than the RMB 239.04 billion in December 2011, principally dragged down by Chinese New year holiday.

Outstanding loans and advances increased 0.7% in January. The HK dollar loan-to-deposit ratio rose to 83.4% at the end of January from 84.5% from the end of last December.

Seasonally-adjusted HK dollar M1, the narrowest measure of money supply in an economy, decreased 2.4% in January sequentially and increased 2.2% from the same period of last year, while unadjusted HK dollar M3, the broader measure, grew 1.8% in the month and 5.5% year on year.

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