Monetary Statistics for November 2019

According to statistics published today (Tuesday) by the Hong Kong Monetary Authority, total deposits with authorized institutions grew by 0.4% in November 2019 as compared to October. Among the total, Hong Kong dollar deposits edged down by 0.1%; overall foreign-currency deposits increased by 1.0%. Renminbi deposits in Hong Kong edged up by 0.2% to RMB637.8 billion at the end of November. The total remittance of renminbi for cross-border trade settlement amounted to RMB444.5 billion in November, compared with RMB429.4 billion in October.

Total loans and advances increased by 0.2% in November. Among the total, loans for use in Hong Kong (including trade finance) increased by 0.1% and loans for use outside Hong Kong went up by 0.3% from a month ago.¹ The Hong Kong dollar loan-to-deposit ratio declined to 90.0% at the end of November from 90.7% at the end of October, as Hong Kong dollar deposits decreased at a slower pace than Hong Kong dollar loans.

Hong Kong dollar M2 and M3 both remained virtually unchanged in November, and rose by 3.2% and 3.1% respectively compared to a year ago. The seasonally-adjusted Hong Kong dollar M1 increased by 0.6% in November, but declined by 2.5% compared to a year ago, reflecting in part investment-related activities. Total M2 and M3 both increased by 0.6% in November, and expanded by 4.4% and 4.3% respectively 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.

Annex

Hong Kong Monetary Authority
31 December 2019