Monetary Statistics for April 2020

According to statistics published today (Friday) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased by 0.8% in April 2020. Among the total, Hong Kong dollar deposits and overall foreign currency deposits increased by 0.5% and 1.1% respectively. Renminbi deposits in Hong Kong decreased by 1.5% to RMB654.3 billion at the end of April. The total remittance of renminbi for cross-border trade settlement amounted to RMB540.2 billion in April, compared with RMB645.7 billion in March.

Total loans and advances increased by 0.7% in April. Among the total, loans for use in Hong Kong (including trade finance) edged down by 0.1%, while loans for use outside Hong Kong grew by 2.6% from a month ago. The Hong Kong-dollar loan-to-deposit ratio decreased to 88.7% at the end of April from 90.1% at the end of March, as Hong Kong dollar deposits increased while Hong Kong dollar loans decreased.

Hong Kong dollar M2 and M3 both increased by 0.5% in April, but dropped by 1.0% compared to a year ago. The seasonally-adjusted Hong Kong dollar M1 increased by 0.3% in April, but dropped by 1.7% compared to a year ago, reflecting in part investment-related activities. Total M2 and M3 both went up by 0.9% in April, and expanded by 2.0% and 1.9% 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
29 May 2020