China Financial Daily

Is expected to enhance the appreciation of renminbi deposits in Hong Kong in June hit a record high growth
Hong Kong Monetary Authority has recently released data show that RMB deposits in Hong Kong in May this year for the first time in a year to achieve growth, increase in deposits in June also reached a 14-month record for the largest. In this regard, if people in the industry at yesterday’s “Daily News” said that Hong Kong residents interested in the RMB deposits increased, and part of the reason is the expected appreciation of the yuan will continue.

Hong Kong Monetary Authority show that as at May, the size of renminbi deposits in Hong Kong reached 53.449 billion yuan, the first time to achieve growth over the past year; to the end of June, a further increase in renminbi deposits in Hong Kong to 54.381 billion yuan, representing a growth of 1.74 percent in May, which a record increase in 14 months since a new high. Among them, the demand deposits of RMB 35.924 billion yuan, an increase of 2.39%; RMB 18.457 billion yuan in time deposits, an increase of 0.51%.

Insiders pointed out that the renminbi deposits in Hong Kong has experienced over the past year alone again on a high after falling trend, reflecting market expectations of RMB appreciation will continue to tour.

UBS currency strategist NizamIdris that between China’s central bank that inflation is likely to rebound, the Chinese may be the next policy move is the restoration of the appreciation of the renminbi. He said that once the RMB began to appreciate the RMB deposits of interest even more.

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