Total deposits with authorised institutions fell 0.7% in April, with Hong Kong dollar deposits down 2.4% and foreign-currency deposits up 1.4%, the Monetary Authority says. Renminbi deposits grew 1% to RMB25.5 billion.

Total loans and advances fell 3.2%, as the fall in Hong Kong dollar loans exceeded the rise in foreign-currency loans. Loans for use in Hong Kong shrank 4.1%, while loans for use outside grew 2.3%. Reflecting a larger contraction in loans relative to deposits, the Hong Kong dollar loan-to-deposit ratio fell to 73.9%.

On a seasonally-adjusted basis, Hong Kong dollar M1 fell 2.2% in April but grew 9.4% on a year earlier. Unadjusted Hong Kong dollar M2 and M3 both fell 2.3% during the month. On a year-on-year basis, Hong Kong dollar M2 and M3 rose 14.9% and 14.8%.