Renminbi deposits in Hong Kong expanded markedly by 25.8 percent to 130.4 billion RMB at the end of August, comparing to the slight growths in both HK-dollar deposits and other foreign-currency deposits, said the HK Monetary Authority here on Thursday.

According to statistics published on Thursday by the Hong Kong Monetary Authority, total deposits with authorized institutions rose by 0.5 percent in August. Hong Kong-dollar deposits increased by 0.4 percent during the month as the expansion in demand and savings deposits exceeded the decline in time deposits.

Foreign-currency deposits also grew by 0.7 percent in August. Accounting for around 4.9 percent of foreign-currency deposits, renminbi deposits expanded markedly by 25.8 percent at the end of August, reflecting the expanding scope of renminbi banking business in Hong Kong.

Total loans and advances climbed by 2.5 percent in August. Loans for use in Hong Kong expanded by 2.2 percent and loans for use outside Hong Kong grew by 3.4 percent. As Hong Kong-dollar loans rose at a faster rate than deposits, the Hong Kong-dollar loan-to-deposit ratio increased to 78.5 percent at the end of August from 77.3 percent at the end of July.

Seasonally adjusted Hong Kong-dollar M1 rose by 3.6 percent in August and expanded by 12.6 percent year on year. Unadjusted Hong Kong-dollar M3 increased by 0.4 percent during the month and climbed by 5.2 percent from a year earlier.

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