Hong Kong Association of Banks expects RMB deposits to reach 200 billion by year-end

September 3 pm News Hong Kong renminbi business progress accelerated, July renminbi deposit growth quickly and first breakthrough billion mark.　　Hong Pizheng, chairman of the Hong Kong Association of Banks and Standard Chartered chief executive of Hong Kong, today predicted that renminbi deposits in Hong Kong would reach $200 billion by the end of this year. According to the latest statistics released by the HKMA, Hong Kong's renminbi deposits amounted to 103.7 billion in July, a 15.6% increase from the previous month, and currently accounts for 1.5% of Hong Kong's total deposits.　　The bank's chairman, Hong Pizheng, said this afternoon that the renminbi deposits and share in the future will continue to rise, at which rate it is expected to reach 200 billion by the end of the year. In the short term, he believes the renminbi deposit business in Hong Kong remains more active than loans, but he is confident that the situation will gradually improve.　　Hong Pizheng pointed out that as Hong Kong financial institutions can invest in the mainland bond market, the return on capital will increase, helping to stimulate the renminbi lending business. Hong Pizheng also predicts that the renminbi deposit rate will rise as the renminbi invests more channels.　　As the Hong Kong chief executive of Standard Chartered, he also disclosed that Standard Chartered had filed an application to invest in the mainland's bond market. The renminbi deposits in Hong Kong have hovered between 600 and 7 million in the past years, with the recent signing of a new renminbi settlement agreement between the People's Bank of China and the Hong Kong Gold Authority, which has topped the billion mark for the first time.　　Most people in the industry believe that this shows the rapid expansion of the renminbi business of Hong Kong's financial institutions, and the recent market rumors that "small qfii" is expected to make a breakthrough this month, and further boosted the yuan deposits surge. In addition, as regards the current level of interest rates in Hong Kong, Hong Pizheng said that the current interbank rate trend is stable and the future level is expected to be low, without significant fluctuations. In addition, although there are banks on the mortgage business attitude of enterprising, interest rate or rebate way to attract customers, but Hong Pizheng that the mortgage business has been very small profits, the future overall mortgage interest rate reduction is very little space. (Peng Lin from Hong Kong)