Hong Kong's total deposits edged up 0.9% in July 2026, while RMB deposits climbed 2.9% to RMB 1.13 trillion, according to data released by the Hong Kong Monetary Authority. The figures also show cross-border trade remittance in RMB reached RMB 1.38 trillion during the month.
Deposit growth steady
The overall deposit increase of 0.9% reflects continued inflows into the banking system, though the pace remains modest. The HKMA's monthly data covers all authorized institutions in the territory, including retail and wholesale banks.
RMB deposits, a key gauge of offshore yuan demand, grew faster than the broader deposit base. The 2.9% month-on-month rise brought the total to RMB 1.13 trillion, a level that suggests sustained appetite for the Chinese currency among Hong Kong depositors and businesses.
Trade settlement in yuan
Cross-border trade remittance in RMB totaled RMB 1.38 trillion in July, a figure that underscores the currency's role in regional trade flows. Hong Kong has long served as the primary offshore clearing hub for yuan transactions, and the latest numbers point to active use of the currency for settling goods and services trade.
The HKMA does not provide a breakdown of which sectors drove the remittance activity, but the overall volume remains well above the levels seen in earlier years.
What the numbers mean
For local banks, the rise in RMB deposits adds to their funding base in the currency, which they can deploy in lending or interbank markets. The growth also comes as mainland China continues to push for greater international use of the yuan, with Hong Kong positioned as the main testing ground for offshore products.
July's figures follow a period of relatively stable deposit growth in the city. The 0.9% overall increase is in line with recent monthly trends, suggesting no sudden shift in capital flows.
The next HKMA data release, covering August, will show whether the RMB deposit momentum continues. Analysts tracking the offshore yuan market will be watching for any impact from policy changes on the mainland or shifts in global interest rates.
