Monetary Statistics for November 2022

According to statistics published today (30 December) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased by 0.7% in November 2022.  Among the total, Hong Kong dollar deposits increased by 1.4% and foreign currency deposits edged up by 0.1%.  In the year to end-November, total deposits rose by 1.1% while Hong Kong dollar deposits decreased by 0.5%.  Renminbi deposits in Hong Kong increased by 0.8% in November to RMB892.3 billion at the end of November.  The total remittance of renminbi for cross-border trade settlement amounted to RMB1,028.6 billion in November, compared with RMB738.1 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 decreased by 0.3% in November, and decreased by 2.2% in the year to end-November.  Among the total, loans for use in Hong Kong (including trade finance) edged up by 0.1% in November while loans for use outside Hong Kong decreased by 1.5%.  The Hong Kong dollar loan-to-deposit ratio decreased to 89.6% at the end of November from 90.8% at the end of October, as Hong Kong dollar deposits increased by a larger extent than Hong Kong dollar loans.

Hong Kong dollar M2 and M3 both rose by 1.2% in November and were both lower by 1.1% when compared to a year ago.  The seasonally-adjusted Hong Kong dollar M1 remained virtually unchanged in November, and decreased by 16.7% compared to a year ago, reflecting in part investment-related activities.  Total M2 and total M3 both rose by 0.9% in November.  Compared to a year earlier, total M2 and total M3 both rose by 1.3%.

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
30 December 2022