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RMB deposits in HK rise slightly to 53.4b yuan

(Xinhua)
Updated: 2009-07-01 11:27

The renminbi deposits with authorized institutions in Hong Kong rose 0.8 percent in May to 53. 4 billion yuan ($7.8 billion), representing about 2 percent of the foreign currency deposits, the Hong Kong Monetary Authority said Tuesday.

The total deposits rose 2 percent in the same month, with the HK dollar deposits rising 2.7 percent as the expansion in demand and savings deposits exceeded the contraction in time deposits.

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Foreign currency deposits climbed 1.4 percent.

Seasonally-adjusted HK dollar M1, the narrowest measure of money supply in an economy, rose 9.6 percent in May and 26.8 percent from a year earlier. Unadjusted HK dollar M3, the broader measure, grew 2.5 percent in May and 8.1 percent year-on-year.

Hong Kong, a southern Chinese special administrative region and free trade hub, has been trying to foster the development of RMB financial market recently with a pilot scheme using yuan for cross-border trade settlement and the issuing of yuan-denominated bonds in Hong Kong by local and foreign banks operating in the mainland.