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Total deposits with authorised institutions fell 1.4% in March, with Hong Kong dollar deposits falling 3.2% while foreign currency deposits rose 0.6%.
Within foreign currency deposits, renminbi deposits amounted to 15 billion yuan in March, compared with 13.9 billion yuan in February. The Monetary Authority said total loans and advances fell 1.9%, with loans for use in Hong Kong and outside Hong Kong falling 1.9% and 2%.
Analysed by currency, Hong Kong dollar and foreign currency loans both declined. As Hong Kong dollar deposits decreased more than Hong Kong dollar loans, the loan-to-deposit ratio increased to 84.8%.
Lending to the manufacturing sector, stockbrokers, and building, construction, property development and investment registered notable increases on a quarter-on-quarter comparison. However, lending to financial concerns, wholesale and retail trade, and transport-related loans decreased moderately during the quarter.
On a seasonally adjusted basis, Hong Kong dollar M1 fell by 3.8% in March, but rose by 2.8% from a year ago. Unadjusted Hong Kong dollar M2 and M3 both decreased by 3% during the month, but grew by 6.4% and 6.2% respectively from a year earlier.
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