Cheaper borrowing costs are a boon.
According to Barclays, system loan growth was stable at 1.7% m/m and 4% ytd, again led by trade finance (+6% m/m, +21% ytd), likely boosted by the cheaper borrowing costs in Hong Kong for Mainland-related trade.
Meanwhile, loans for use outside Hong Kong (which we believe are mostly China non-trade related) recorded no growth in the month of May.
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