Total deposits in Hong Kong down 0.8% in February

Further decline was offset by high savings and time deposits.

Total deposits of authorised institutions in Hong Kong dipped marginally by 0.8% MoM in February, according to statistics from the Hong Kong Monetary Authority.

Any further decline in deposits was halted by high savings and time deposits, HKMA added.

Overall foreign currency deposits fell by 1.7%. However, renminbi deposits in Hong Kong increased by 0.7% to $687.49b (RMB550.4b) at the end of February. The total remittance of renminbi for cross-border trade settlement was valued at $376.72b (RMB301.6b) over the same period.

Total loans and advances grew by 0.3% in February. Amongst the total, loans for use in Hong Kong (including trade finance) increased by 0.3% MoM and loans for use outside Hong Kong picked up by 0.4%.