Total deposits with authorised institutions fell 0.8% in May, with Hong Kong dollar deposits dropping 1.6%, the Monetary Authority says.

Foreign-currency deposits rose 0.1%. Renminbi deposits rose 1.4% to 77.7 billion yuan, accounting for 3.1% of foreign-currency deposits.

Total loans and advances rose 1.8% as loans for use in Hong Kong grew 1.4% and loans for use outside Hong Kong rose 3.4%. The Hong Kong dollar loan-to-deposit ratio rose to 79.3%.

On a seasonally adjusted basis, Hong Kong dollar M1 dropped 1.6% in May but grew 11.9% over a year earlier. Unadjusted Hong Kong dollar M3 fell 1.6% during the month but rose 5.7% year on year.