Funding has remained tight for the Hong Kong banking system into this year as renminbi deposits declined in January for a second month to hit their lowest level since July, according to data from the Hong Kong Monetary Authority.
The shrinkage coincided with increased lending of offshore renminbi (CNH) from Hong Kong, potentially back into China, and increased issuance of CNH certificates of deposits sold by Chinese banks and CNH bonds, analysts said.
Chinese banks have been competing for offshore renminbi by issuing certificates of deposit with terms of up to a year, the yields or interest rates of which have increased dramatically over the past year, according to analysts.
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