Financial news
Written by: Huang Youhua
2020-03-31 20:27
Last updated: 2020-03-31 20:27According to statistics released by the Hong Kong Monetary Authority, Hong Kong dollar deposits fell by 0.5% or 33.724 billion yuan in February this year, while total foreign currency deposits rose by 0.3% or 21.186 billion yuan. Total deposits of authorized institutions fell slightly by 0.1%.
As of the end of February, Hong Kong's renminbi deposits rose by 4.3% to 638.3 billion yuan. The total amount of RMB remittances for cross-border trade settlements was RMB 481 billion in February, compared with RMB 404.7 billion in January.
Loans used in Hong Kong (including trade finance) increased by 0.9% in February from the previous month, while loans used outside Hong Kong fell by 0.3%. However, total loans and advances increased by 0.5% in February. As Hong Kong dollar deposits declined while Hong Kong dollar loans did not change significantly, the Hong Kong dollar loan-to-deposit ratio rose slightly from 89.4% at the end of January to 89.9% at the end of February.
Hong Kong dollar Hong Kong dollar money supply in February, although both M2 and M3 fell by 0.5% month-on-month, compared with the same period last year, they rose by 1.9% and 1.8% respectively. After adjusting for seasonal factors in Hong Kong dollar money supply in February, M1 rose 1.3% from the end of January, and rose 0.4% compared with the same period last year, partially reflecting investment-related activities. The total money supply M2 and M3 both increased slightly by 0.1% in February, compared with a year-on-year increase of 2.3% and 2.2%, respectively.
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