Hong Kong's loans and deposits rise further in September

Following slow growth in August.

The HKMA’s September monetary statistics showed stronger growth in both loans and deposits after a slow growth in August.

According to a research note from Barclays, system deposits in September increased by 0.7% m/m after slow growth in August (+0.1% m/m).

Meanwhile, foreign currency deposits (+1.5% m/m), particularly US$ deposits (+2.0% m/m), grew strongly.

However, the strong growth was offset by the contraction in HK dollar deposits (-0.3% m/m).

RMB deposits was up 0.8% m/m at RMB 944bn (August: 0.0%), accounting for 12.0% of system deposits.