Monetary Statistics for November 2023

According to statistics published today (29 December) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased by 1.7% in November 2023. Among the total, Hong Kong dollar deposits and foreign currency deposits increased by 0.5% and 2.9% respectively in November, mainly reflecting fund flows of corporates. In the year to end-November, total deposits and Hong Kong dollar deposits grew by 4.1% and 1.7% respectively. Renminbi deposits in Hong Kong decreased by 0.5% in November to RMB979.5 billion at the end of November. The total remittance of renminbi for cross-border trade settlement amounted to RMB1,169.7 billion in November, compared with RMB978.6 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 0.5% in November, and decreased by 3.6% in the year to end-November. Among the total, loans for use in Hong Kong (including trade finance) and loans for use outside Hong Kong decreased by 0.1% and 1.5% respectively in November. The Hong Kong dollar loan-to-deposit ratio decreased to 85.4% at the end of November from 86.1% at the end of October, as Hong Kong dollar deposits increased while Hong Kong dollar loans decreased.

Hong Kong dollar M2 and M3 increased by 0.6% and 0.5% respectively in November and both increased by 2.6% when compared to a year ago. The seasonally-adjusted Hong Kong dollar M1 increased by 0.2% in November while decreased by 14.0% compared to a year ago, reflecting in part investment-related activities. Total M2 and total M3 both increased by 1.6% in November. Compared to a year earlier, total M2 and total M3 both increased by 4.0%.

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 December 2023