The following is issued on behalf of the Hong Kong Monetary Authority:
 
     According to statistics published today (August 30) by the Hong Kong Monetary Authority, total deposits with authorised institutions and its Hong Kong-dollar deposits component stayed virtually unchanged in July 2019, as decreases in time deposits offset increases in demand and savings deposits. Overall foreign-currency deposits edged down by 0.1 per cent in July. Renminbi deposits in Hong Kong increased by 2.0 per cent to RMB616.0 billion at the end of July. The total remittance of renminbi for cross-border trade settlement amounted to RMB455.8 billion in July, compared with RMB440.6 billion in June.
 
     Total loans and advances edged down by 0.1 per cent in July. Among the total, loans for use in Hong Kong (including trade finance) declined slightly by 0.2 per cent from a month ago, while loans for use outside Hong Kong increased by 0.2 per cent (Note). The Hong Kong-dollar loan-to-deposit ratio dropped to 88.9 per cent at the end of July from 89.3 per cent at the end of June, as Hong Kong-dollar loans decreased while Hong Kong-dollar deposits stayed virtually unchanged.
 
     Both the Hong Kong-dollar M2 and M3 edged down by 0.1 per cent in July, but rose by 3.3 per cent from a year earlier. The decreases in the Hong Kong-dollar M2 and M3 were led by a decline in negotiable certificates of deposit issued by authorised institutions held outside the banking sector, while Hong Kong-dollar deposits was unchanged. The seasonally-adjusted Hong Kong-dollar M1 edged down by 0.1 per cent in July and declined by 3.0 per cent from a year earlier, reflecting in part investment-related activities. Total M2 and M3 both edged down by 0.2 per cent in July, but grew by 3.8 per cent from a year earlier.
 
     As monthly monetary statistics are subject to volatilities due to a wide range of transient factors, such as seasonal and IPO-related funding demand as well as business and investment-related activities, caution is required when interpreting the statistics. 

Note: The December 2018 figures for loans for use in/outside Hong Kong have been restated to reflect authorised institutions' reclassification of working capital loans. The reported month-on-month and quarter-on-quarter growth rates are calculated based on the reclassified loan data. As reclassified loan data before December 2018 are not available, year-on-year growth rates of loans for use in/outside Hong Kong (including their sub-components) as shown in Table 1H of the Annex are calculated based on the data without such reclassification.

     â€‹The Hong Kong Arts Development Council (HKADC) announced today (August 30) the commencement of the third phase "Nomination of Candidates" of the 2019 Nomination of Representatives of Arts Interests for the HKADC (the Nomination Exercise), while encouraging arts practitioners who wish to seek candidature to submit their applications as soon as possible.
 
     Voter registration of the 2019 Nomination Exercise was completed on August 9, with 6 853 voters registered. The HKADC encourages the arts community to take an active role in the third phase of the exercise, and urges those who aspire to represent their respective interests to participate in the work of the HKADC and seek candidature.
 
     The two-week candidate nomination period begins today until 5pm on September 13 (Friday). Each candidate must be a registered voter of the arts interest for which he or she intends to stand as a candidate. He or she must be nominated by at least five proposers, or 1 per cent of the total number of registered voters in the same arts interest (whichever is higher). A proposer must be a registered voter of the same arts interest as the prospective candidate, and can nominate only one candidate in this Nomination Exercise. The numbers of proposers required for each arts interest for the 2019 Nomination Exercise are as follows:
 
Arts Interest         Number of Proposers Required
————-         —————————-
Arts Administration                5
Arts Criticism                        5
Arts Education                       8
Dance                                   6
Drama                                  9
Film Arts                               5
Literary Arts                          9
Music                                   12
Visual Arts                            14
Chinese Opera (Xiqu)             5

     Applicants seeking candidature should submit completed forms together with all required supporting documents to Tri-Leaves Promotion Limited – the Nomination Agent appointed by the HKADC – in person or by their authorised persons on or before the deadline.
 
     The Nomination Agent will hold a meeting with the duly nominated candidates (or their representatives) tentatively scheduled for September 18 (Wednesday) on electioneering and polling arrangements. Other details of these activities will be announced later. Dates of the candidate forum and polling for the Nomination Exercise are scheduled as follows:
 
Candidate forum: October 5 (Saturday) and October 6 (Sunday)
 
Polling: October 20 (Sunday) and October 21 (Monday)
 
     Registered voters will receive from the Nomination Agent the voter notification letters. Those who have not received the letter by September 4 may contact Ms Elizabeth Huang or Ms Serenade Woo at 3956 1408 or email: info@voteforhkadc2019.hk. Guidelines for nomination of candidates, candidate application forms and other information regarding the Nomination Exercise are available at the Nomination Exercise website: www.voteforhkadc2019.hk.
 
     The HKADC is a statutory body set up to promote the development of arts in Hong Kong. The term of office of its current members, including representatives of 10 arts interests, will expire on December 31, 2019. The HKADC is conducting the Nomination Exercise to nominate representatives of arts interests for the Chief Executive's consideration for appointment as members of the HKADC for the next term.

     â€‹Hong Kong Customs yesterday (August 29) conducted a special operation and smashed a counterfeiting syndicate in Tung Choi Street, Mong Kok. One fixed hawker pitch and one storage facility of suspected counterfeit goods were raided. A total of about 2 600 items of suspected counterfeit goods, including handbags, wallets and belts, with an estimated market value of about $4.3 million were seized. 

     Customs earlier received information alleging the sale of counterfeit goods at a fixed hawker pitch in Mong Kok. After an in-depth investigation with the assistance of the trademark owner, Customs officers took enforcement action yesterday and raided one fixed hawker pitch and one storage facility. The batch of suspected counterfeit goods and one tablet for displaying photos of suspected counterfeit goods were seized. 

     During the operation, one female syndicate head and one male member, both aged 46, were arrested.  

     Investigation is ongoing.

     Customs will continue to step up inspection and enforcement to combat the sale of counterfeit goods. 

     Customs reminds consumers to procure goods at reputable shops and to check with the trademark owners or their authorised agents if the authenticity of a product is in doubt. 

     Customs also reminds traders to be cautious and prudent in merchandising since the sale of counterfeit goods is a serious crime and offenders are liable to criminal sanctions.

     Under the Trade Descriptions Ordinance, any person who sells or possesses for sale any goods with a forged trademark commits an offence. The maximum penalty upon conviction is a fine of $500,000 and imprisonment for five years.

     Members of the public may report any suspected infringing activities to Customs' 24-hour hotline 2545 6182 or its dedicated crime-reporting email account (crimereport@customs.gov.hk).

    

     â€‹The Civil Engineering and Development Department (CEDD) today (August 30) announced that in response to requests from interested tenderers, the tender period for the contract for the Fanling North New Development Area, Phase 1: Fanling Bypass Eastern Section (Shung Him Tong to Kau Lung Hang) (Contract No. ND/2019/05) has been extended to noon on September 27.
      
     The CEDD invited tenders for the contract on June 14. The original tender period was scheduled to expire at noon on September 13.
      
     The extension of the tender period was gazetted today. Details of the tender notice are available on the CEDD's website (www.cedd.gov.hk/eng/tender-notices/engineering-contracts/tender-notices/index.html). 
      
     The CEDD has appointed AECOM Asia Company Limited as the consultant to design and supervise the works. For enquiries, please call the company at 3922 9000 during office hours.

     The effective exchange rate index for the Hong Kong dollar on Friday, August 30, 2019 is 107.3 (same as yesterday's index).