Hong Kong Yuan Deposits Drop in August Amid Currency Devaluation
- Sentiment on currency has worsened, says China Everbright
- Largest offshore yuan pool shrinks 1.5% to 979 billion yuan
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Yuan deposits in Hong Kong in August shrank for the first time in five months after China’s surprise devaluation triggered a move out of assets denominated in the currency.
Savings fell 15 billion yuan ($2.4 billion) from July to 979 billion yuan, the Hong Kong Monetary Authority said in a statement on its website on Wednesday. The city, which holds the world’s biggest pool of offshore yuan, handled 727.9 billion yuan of trade settled in the currency in August, up from 583.6 billion in the previous month.