According to statistics published today (Friday) by the Hong Kong Monetary Authority, total deposits with authorized institutions grew by 0.6% in November. As the increase in savings and time deposits exceeded the decrease in demand deposits, Hong Kong-dollar deposits increased by 0.4% during the month. Overall foreign-currency deposits picked up by 0.7% in November. Renminbi deposits in Hong Kong decreased by 5.3% to RMB627.6 billion at the end of November. The total remittance of renminbi for cross-border trade settlement amounted to RMB390.6 billion in November, compared with RMB309.4 billion in October.
Total loans and advances rose by 1.0% in November. Among the total, loans for use in Hong Kong (including trade finance) picked up by 1.5% from a month ago, while loans for use outside Hong Kong edged down by 0.2%. As Hong Kong-dollar loans grew at a faster pace than Hong Kong-dollar deposits, the Hong Kong-dollar loan-to-deposit ratio increased to 76.2% at the end of November from 75.3% at the end of October.
Seasonally adjusted Hong Kong-dollar M1 grew by 1.1% in November and expanded by 12.0% year on year. Seasonally unadjusted Hong Kong-dollar M3 edged up by 0.4% during the month and rose by 8.7% from a year earlier.
Hong Kong Monetary Authority
30 December 2016