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Hong Kong's Total Deposits Rise 2.3% in May

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Hong Kong's total deposits with authorized institutions rose 2.3% in May, data released by the Hong Kong Monetary Authority (HKMA) on Tuesday showed.

Of the total, Hong Kong dollar deposits increased 1.2%, while foreign currency deposits climbed 3.2%, mainly reflecting corporate fund flows.

Total and Hong Kong dollar deposits in the first five months of the year grew 4.8% and 4.4%, respectively.

Renminbi deposits in Hong Kong rose 5.3% to 1.135 trillion yuan at the end of May, the HKMA said.

Hong Kong dollar M2 and M3 each gained 1.1% in May, while total M2 and total M3 both rose 2.4%.

Compared with a year earlier, Hong Kong dollar M2 and M3 increased 1.1% and 1.0%, respectively, while total M2 and total M3 grew 9.9% and 9.8%, respectively.

Total loans and advances rose 1.4% and were up 5.0% from a year earlier, the HKMA said.

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