September 30, 2019 / 10:36 AM / 14 days ago

Hong Kong's local currency deposits fall most in over a year in August

HONG KONG, Sept 30 (Reuters) - Local currency deposits in Hong Kong shrank the most month-on-month in over a year in August, official data showed on Monday.

Hong Kong dollar deposits declined by 1.6% last month, while U.S. dollar deposits grew by 2.7%, the Hong Kong Monetary Authority said in a press release published by the city’s government.

The monthly drop was the steepest since May 2018, according to Refinitiv Datastream. U.S. dollar deposits, meanwhile, recorded its largest monthly gains since December 2018.

Hong Kong’s economy and financial markets have been under pressure amid escalations in local unrest and the U.S.-China trade war in recent months. Its currency was flat at 7.8398 at 1030 GMT. (Additional reporting by Twinnie Siu; Editing by Shounak Dasgupta)

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