Renminbi deposits in Hong Kong decreased 1% to RMB602.2 billion in March while overall foreign-currency deposits fell 0.3%, the Monetary Authority announced today.

Total deposits with authorised institutions rose 0.5%, while Hong Kong-dollar deposits went up 1.2%.

The total remittance of renminbi for cross-border trade settlement was RMB464.5 billion, compared with RMB338.6 billion in February.

Total loans and advances rose 1.1% in March.

Loans for use in Hong Kong grew 1.2%, while loans for use outside Hong Kong went up 0.9%.

As Hong Kong-dollar loans grew at a faster pace than Hong Kong-dollar deposits, the Hong Kong-dollar loan-to-deposit ratio increased to 87.8% at the end of March from 87.3% a month earlier.

Seasonally adjusted Hong Kong-dollar M1 fell 1.3% in March and decreased 4.5% year-on-year.

Unadjusted Hong Kong-dollar M3 rose 1.1% in March and went up 3% year-on-year.