Proportion of international assets in Macao's banking sector increases in Q1

 The proportion of international business in the banking sector of Macao increased further in the first quarter of 2011, according to figures released on Friday by the city's Monetary Authority.

The share of international assets in total banking assets rising to 86.9 percent from 86 percent at the end of 2010, the figures show.

The figures indicated that foreign currencies remained as the dominant denomination in international banking transactions, as Hong Kong dollar (HKD) and other foreign currencies (OFCs) accounted for 42 percent and 57.7 percent of total international assets at the end of March as well as 47.5 percent and 50.5 percent of total international liabilities respectively.

Total international assets increased by 8.9 percent from three months earlier or 36 percent year-on-year to 505.6 billion patacas (63 billion U.S. dollars), of which external assets expanded by 34. 5 percent year-on-year to 392.2 billion patacas (49 U.S. dollars) and local assets in foreign currencies soared by 41.5 percent to 113.4 billion patacas (14.1 U.S. dollars), according to the figures.

As major components of international assets, external loans and deposits in Macao's banking sector jumped by 37.9 percent year-on-year to 367.1 billion patacas (45.8 U.S. dollars), the Monetary Authority said.

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