HONG KONG -- Hong Kong's total deposits with authorized institutions grew 2 percent year-on-year in July, and renminbi deposits grew 3.4 percent to 572.2 billion yuan ($89.71 billion), the Monetary Authority of Hong Kong said in a statement on Wednesday.

The total remittance of renminbi for cross-border trade settlement amounted to 148.97 billion yuan, compared with 205.09 billion yuan in June.

Deposits of foreign currency as a whole grew 1.9 percent in July. Hong Kong dollar deposits also grew 2.1 percent with demand, savings and time deposits rising, the statement said. ( $1 equals 6.378 yuan)