Monetary Statistics for November 2021

According to statistics published today (31 December) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased by 0.6% in November 2021.  Among the total, Hong Kong dollar deposits edged down by 0.1%, while overall foreign currency deposits increased by 1.4%.  In the year to end-November, total deposits and Hong Kong dollar deposits grew by 4.2% and 2.2% respectively.  Renminbi deposits in Hong Kong increased by 4.1% to RMB868.7 billion at the end of November.  The total remittance of renminbi for cross-border trade settlement amounted to RMB606.6 billion in November, compared with RMB498.7 billion in October. 

Total loans and advances remained virtually unchanged in November, but rose by 4.7% in the year to end-November.  Among the total, loans for use in Hong Kong (including trade finance) increased by 0.2%, while loans for use outside Hong Kong decreased by 0.5%.  The Hong Kong dollar loan-to-deposit ratio increased to 85.7% at the end of November from 84.9% at the end of October, as Hong Kong dollar loans increased while Hong Kong dollar deposits decreased.

Hong Kong dollar M2 and M3 both remained virtually unchanged in November, but went up by 1.9% and 1.8% respectively compared to a year ago.  The seasonally-adjusted Hong Kong dollar M1 picked up by 2.0% in November, and grew by 6.1% compared to a year ago, reflecting in part investment-related activities.  Total M2 and M3 both rose by 0.8% in November, and both picked up by 2.9% 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 2021