Hong Kong Yuan Deposits Drop for 1st Time Since October ’09
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Hong Kong’s yuan deposits declined for the first time in two years as expectations for short-term appreciation of the currency weakened, resulting in less remittances from cross-border transactions.
Savings denominated in the Chinese currency fell 0.6 percent to 618.5 billion yuan ($97 billion) at the end of October from a month before, according to a statement from the Hong Kong Monetary Authority. This year’s average monthly increase is 30.4 billion yuan.