Monetary Statistics for November 2024
The following is issued on behalf of the Hong Kong Monetary Authority:
According to statistics published today (December 31) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased by 0.3 per cent in November 2024. Among the total, Hong Kong dollar deposits decreased by 0.9 per cent, while foreign currency deposits increased by 1.3per cent in November, mainly reflecting fund flows of corporates. In the year to end-November, total deposits and Hong Kong dollar deposits grew by 6.1per cent and 1.9per cent respectively. Renminbi deposits in Hong Kong increased by 3.5 per cent in November to RMB991.8 billion at the end of November. The total remittance of renminbi for cross-border trade settlement amounted to RMB 1,333.7 billion in November, compared with RMB1,218.0 billion in October. It should be noted that changes in deposits are affected by a wide range of factors, such as interest rate movements and fund-raising activities. It is therefore more appropriate to observe the longer-term trends, and not to over-generalise fluctuations in a single month.
Total loans and advances increased by 0.1per cent in November, while decreased by 3.1per cent in the year to end-November. Among the total, loans for use in Hong Kong (including trade finance) and loans for use outside Hong Kong both increased by 0.1per cent in November. The Hong Kong dollar loan-to-deposit ratio increased to 78.0per cent at the end of November from 77.5per cent at the end of October, as Hong Kong dollar deposits decreased by a larger extent than Hong Kong dollar loans.
Hong Kong dollar M2 and M3 both decreased by 0.8per cent in November, while increased by 2.3per cent and 2.4per cent respectively when compared to a year ago. The seasonally-adjusted Hong Kong dollar M1 decreased by 1.7per cent in November and increased by 1.6per cent compared to a year ago, reflecting in part investment-related activities. Total M2 and total M3 both increased by 0.3per cent in November. Compared to a year earlier, total M2 and total M3 both increased by 7.3 per cent.
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.
