Hong Kong's total deposit up 2.5% in July

The total deposits with authorized institutions in Hong Kong grew by 2.5 percent in July 2014, the Hong Kong Monetary Authority announced Friday.
With demand, savings and time deposits increasing, Hong Kong- dollar deposits went up by 2.4 percent during the month, the authority said.
Overall foreign-currency deposits picked up by 2.5 percent in July, and renminbi deposits in Hong Kong increased by 1.2 percent to 936.8 billion yuan (about 152 billion U.S. dollars) at the end of July.
The total remittance of renminbi for cross-border trade settlement amounted to 507.6 billion yuan in July, compared with 531.8 billion yuan in June.
Total loans and advances increased by 1 percent in July, within which loans for use in Hong Kong (including trade finance) rose by 1.1 percent and loans for use outside Hong Kong expanded by 0.6 percent. As Hong Kong-dollar loans increased at a slower pace than deposits, the Hong Kong-dollar loan-to-deposit ratio declined to 80.9 percent at the end of July from 82.5 percent at the end of June.
Seasonally adjusted Hong Kong-dollar M1 picked up by 2.1 percent in July and expanded by 12.0 percent year on year. Seasonally unadjusted Hong Kong-dollar M3 grew by 2.1 percent and climbed by 15.0 percent from a year earlier. (1 U.S. dollar = 6. 14 yuan)