Hong Kong's total deposits with authorized institutions rose 0.3 percent in April, with Hong Kong dollar deposits up 0.8 percent as the expansion in savings deposits exceeded the contraction in demand and time deposits, Hong Kong Monetary Authority said Friday.

Foreign-currency deposits shrank 0.1 percent, the authority said.

Total loans and advances fell 0.5 percent, with loans for use in Hong Kong falling 0.7 percent but loans for use outside Hong Kong rose 0.6 percent. The Hong Kong-dollar loan-to-deposit ratio dropped to 74.7 percent from 75.5 percent in March as Hong Kong- dollar loans contracted while deposits rose.

Seasonally-adjusted Hong Kong-dollar M1 rose 1.5 percent in April and 17.1 percent from a year earlier. Unadjusted Hong Kong-dollar M3 grew 0.6 percent in the month and 3.8 percent year-on- year, said the authority.

Source: Xinhua