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Hong Kong's RMB deposits down 2.1% in Mar

May. 4, 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 February to RMB 554.3 billion in March 2012.

The figure reflected a month-on-month decline for the fourth consecutive month.

Analysts said that the decline in RMB deposits in Hong Kong was in part due to the issuance of RMB certificate of deposits and reduced expectation of RMB appreciation.

As of the end of March this year, a total of RMB 118.1 billion of RMB certificates of deposits had been issued, reflecting an increase of RMB 45 billion from RMB 73.1 billion at the end of 2011.

In March, RMB receipts under the RMB cross-boarder trade settlement program totaled RMB 227.3 billion, more than the RMB 187.5 billion in February.

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